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Rupee trims initial losses, still down by 11 paise vs USD


Mumbai : The rupee trimmed its initial losses, but was still trading down 11 paise at 68.57 against the American currency in late morning deals today on bouts of dollar demand from some banks and importers.

The domestic unit resumed lower at 68.60 per dollar as against last Thursday’s closing level of 68.46 at the Inter-bank Foreign Exchange (Forex) market.

It hovered in a range of 68.70 and 68.53 during morning deals before quoting at 68.57 at 1030 hours.

The dollar index was up 0.08 per cent at 96.84 against a basket of six currencies in the early trade.

Overseas, oil prices recovered in Asia today after a steep fall in the previous session, with US crude back above USD 30 a barrel as traders mulled the impact of a potential freeze by key producers.

The pound slipped the most in a month against the dollar as concern grew that Britain would quit the EU.

Meanwhile, the benchmark BSE Sensex was trading higher by 91.50 points or 0.39 per cent at 23,800.65 at 1035 hrs.

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