Rupee pares early gains, up 6 paise at 64.18 in late morning

Mumbai, May 2 (PTI) The rupee surrendered its initial gains but was still trading higher by 6 paise to 64.18 against the US dollar in late morning deals. The rupee resumed higher at 64.12 a dollar as against the last weekend’s level of 64.24 at the Interbank Foreign Exchange market and moved in a range of 63.9975 and 64.19 before quoting at 64.18 at 1100 hours. In the overseas market, the dollar rose against the yen yesterday after investors shrugged off weak US factory activity and inflation data on the view that it was unlikely to impede a June interest rate increase from the Federal Reserve. Meanwhile, the BSE benchmark Sensex dropped by 28.92 points, or 0.10 per cent, to 29,889.40 at 1100 hours after touching 30,000-level in the morning trade. PTI