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Rupee slips 4 paise to 66.77 vs USD in late morning deals


Mumbai : The rupee slipped from its initial gains to depreciate by 4 paise to 66.77 against the American currency in late morning deals on fresh bouts of dollar demand from importers amid lower equities.

The rupee opened higher at 66.70 per dollar from yesterday’s closing level of 66.73 at the Inter-bank Foreign Exchange (Forex) market.

The domestic unit hovered in a range of 66.79 and 66.70 in the morning deals before quoting down at 66.77 at 1030 hrs.

Meanwhile, the dollar index was trading up 0.12 per cent at 95.22 against a basket of six currencies in early trade.

Overseas, the US dollar were struggling near 6-week lows against the basket of currencies in early Asian trade amid due expectations that the US Federal Reserve will raise interest rates later rather than sooner as overnight weak showing by Wall Street, with with indexes suffering their worst day in roughly a month in the wake of unconvincing economic data and falling oil prices.

Meanwhile, the benchmark BSE Sensex was trading lower by 199.91 points or 0.71 per cent to 27,781.80 at 1050 hrs.

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