Mumbai: The Indian rupee trimmed its initial gains against the American currency, but was still quoted higher by 17 paise to 61.70 per dollar on selling of greenback by banks and exporters in view of strong foreign capital inflows into equity market.
The rupee resumed higher at 61.60 per dollar as against the last weekend's level of 61.87 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to 61.58 per dollar on initial selling of dollars.
However, it trimmed its initial gains and was quoted at 61.70 per dollar at 1100 hrs on some demand from banks on the back of higher dollar in the overseas market.
It hovered in the range of 61.58-61.73 per dollar during the morning trade.
In New York, the euro fell to another 11-year low against the dollar on last Friday, a day after the Swiss National Bank's surprise decision to eliminate its exchange-rate cap removed a source of support for the shared currency.