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Rupee slips from early gains, down 12 paise vs USD


Mumbai : The rupee slipped from its initial gains, depreciating by 12 paise to 67.03 against the American currency in late morning deals on sudden bouts of dollar demand from imports and banks amid lower domestic equities.

The domestic unit opened smartly at 66.88 as against yesterday’s closing level of 66.91 at the Inter-bank Foreign Exchange (Forex) market.

It gained further to 66.85, later slipped to 67.04 before quoting at 67.03 at 1045 hrs.

The domestic unit traded in a range of 67.04 and 66.85 during the morning deals.

The dollar index was trading lower by 0.03 per cent at 96.07 against a basket of six currencies in the early trade.

Overseas, the US dollar was mostly mixed against its major rivals in early Asian trade. It extended its gains and scaled a three-week high against the yen after China’s second-quarter gross domestic product and June activity data pointed to stabilisation in China’s economy and bolstered risk sentiment.

Meanwhile, the benchmark Sensex was trading lower by 164.40 points, or 0.59 per cent, to 27,777.71 at 1100 hrs.

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