Mumbai, Oct 22 (PTI) The rupee trimmed its initial gains, but was still trading higher by 8 paise against the greenback to 61.23 in late morning deals, on good bouts of dollar selling by banks and exporters as well as rallying equities.

The domestic unit resumed higher at 61.15 per dollar as against yesterday’s level of 61.31 at the Interbank Foreign Exchange market.

It trimmed the gains and was quoting at 61.23 at 1025 hours.

The rupee moved in a range of 61.23 and 61.15 per dollar during the morning trade.

In New York market, the US dollar was higher against major rivals in early trade on reports that the European Central Bank is considering buying corporate bonds.

Meanwhile, the BSE benchmark Sensex was trading up by 206.84 points, or 0.78 per cent to 26,782.49 at 1040 hrs. PTI PAK DK