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Rupee pares early gains, slips 2 paise in late morning trade


Mumbai : The rupee pared early gains by slipping 2 paise to 68.12 against the American currency in late morning deals on bouts of dollar demand from importers and banks amid lower equities.

The rupee opened higher at 68.06 as against yesterday’s closing level of 68.10 per dollar at the Interbank Foreign Exchange (Forex) Market.

It gained further to 68.05 before slipping to 68.13 per dollar during morning hours. It was quoting at 68.12 at 1030 hours.

The domestic unit hovered between 68.05 and 68.13 per dollar during morning deals.

The dollar index was trading down by 0.38 per cent at 101.19 against a basket of six currencies.

Overseas, the US dollar saw a mixed trend against basket of currencies in early Asian trade as the British pound flirted with a three-month low, hit by fears that Prime Minister Theresa May’s speech later in the day will set Britain on course to lose access to the lucrative European Union single market.

Meanwhile, the Indian benchmark Sensex was quoting lower by 23.27 points or 0.09 per cent to 27,264.90 at 1050hrs.

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