Rupee trims early losses, down by 8 paise vs USD

Mumbai, September 14

The rupee trimmed its early losses against the dollar and was trading 8 paise down at 64.08 in late morning deals.

A sustained bout of dollar demand from banks and importers kept the rupee under pressure, currency traders said.

The rupee resumed sharply lower by 17 paise at 64.17 per dollar against Wednesday’s closing level of 64.00 per dollar at the interbank foreign exchange market.

The domestic currency hovered in a range of 64.17 and 64.07 before quoting at 64.08 per dollar at 1100 hrs.

At overseas, the dollar held steady near a four-week high against the yen, with traders looking to US consumer inflation data later in the day for clues on the possible timing of the Federal Reserve’s next rate rise.

The dollar index against a basket of six major currencies was trading up 0.07 per cent at 92.47.

Meanwhile, the benchmark Sensex was trading higher by 115.49 pts or 0.36 pct at 32,301.90 at 1030hrs. PTI