Rupee cut by 7 paise on initial gains against Dollar

The Rupee has cut by 7 paise on initial gains against dollar on Friday. But it was trade higher by seven paise of 63.04 against the greenback on bouts of dollar selling by banks and exporters along with rallying equities.
Interbank Foreign Exchange market was closed the level at 63.11 against the dollar of 63.05 in domestic unit on Thursday.
It has gained to trade at 62.99 before quoting 63.04 per dollar in the Morning.
A dealer said, surging equities are lifting the rupee sentiment, though strong dollar overseas is capping the gains.
In New York market, the U.S. dollar ruled firm against its major competitors in early trade.
Meanwhile, the benchmark Sensex of Bombay Stock Exchange was trading higher by 317.83 points or 1.17 to 27,444.40.