The rupee reduces its initial profit gains and quoted downward by 1 paisa to 61.64 against the US currency in late morning deals today on mild bouts of dollar desired from importers. Earlier, the rupee continues slightly max at 61.62/dollar as against yesterday end of 61.63 at the Interbank Foreign Exchange market. Later, it traded strong at 61.50 on sustained dollar selling by exporters before quoting at Rs 61.64 at 1100 hours. It hovered in the range of 61.50 to 61.64/dollar during the morning trade. Rallying equities and heavy capital inflows capped the rupee losses.
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