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Rupee trims initial losses, still down 3 paise


Mumbai : The rupee pared its initial losses, but was still trading down by 3 paise at 68.08 per dollar in late morning deals amid sustained demand for the US currency from banks and importers.

The Indian unit resumed lower at 68.13 as against yesterday’s closing level of 68.05 at the Interbank Foreign Exchange (forex) market.

The domestic unit hovered in a range of 68.11 and 68.19 during morning deals before quoting at 68.08 at 1113 hours.

The dollar index was up by 0.08 per cent at 99 against a basket of six currencies in early trade.

Globally, oil prices tumbled in Asia today after US commercial crude stock climbed to a record level, stoking worries about a global oversupply of the commodity.

The dollar weakened against the euro yesterday at the New York market after the release of an updated monetary policy statement from the Federal Reserve.

Meanwhile, the benchmark BSE Sensex was down 4.48 points, or 0.02 per cent, at 24,487.91 at 1115 hours.

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