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Rupee pares early gains; down 14 paise vs USD


Mumbai: The rupee depreciated from its initial smart gains to quote lower by 14 paise at 66.38 against the US currency in late morning deals on fresh bouts of dollar demand amid volatile equities.

The rupee opened higher at 66.16 per dollar against yesterday’s closing level of 66.24 at the Interbank Foreign Exchange (Forex) market.

Later, it gained further on sustained bouts of dollar selling from exporters to 66.10 before slipping to quote lower by 66.38 per dollar at 10.35 hrs.

It moved in a range of 66.10 and 66.45 during morning trade.

Globally, the US dollar was higher against its major rivals in early Asian trade after the European Central Bank gave a sobering assessment of the euro zone economy and suggested it may have to beef up its already massive stimulus programme.

Meanwhile, the benchmark BSE Sensex was trading lower by 559.41 points or 2.20 per cent at 25,197.44 in morning trade.

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