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Rupee trims initial losses vs dollar, still dn by 3 ps

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sensex rupee downMumbai, Dec 10 (PTI) In line with equity market, the Indian rupee trimmed its initial losses against the American currency but was still quoted lower by 3 paise to 61.91 per dollar at the Interbank Foreign Exchange (Forex) Market here today.

The rupee resumed lower at 61.96 per dollar as against the yesterday’s closing level of 61.88 per dollar and moved down further to 61.97 per dollar on initial dollar demand from importers.

However, it recovered marginally and was quoted at 61.91 per dollar at 1000hrs.

It hovered in a range of 61.97-61.91 per dollar during the morning trade.

In New York, the US dollar weakened against its major rivals yesterday despite more indicators of weak economic growth outside the U.S., as a sell-off in global equities forced investors to book profits elsewhere.

Crude oil prices fell in Asia today as dealers await the latest US supply report for clues about production levels, while weak Chinese and German trade data also weighed, analysts said.

US benchmark West Texas Intermediate for January delivery slipped 90 cents to USD 62.92 while Brent crude for January was down USD 1.01 at USD 65.83 in mid-morning trade.

Meanwhile, the Indian benchmark sensex recovered by 22 points or 0.08 per cent to 27,819.10 at 1000hrs.

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