Indian rupee trims losses against US dollar

Written by PTI | Mumbai | Updated: Jan 16 2014, 20:19pm hrs
Indian rupeeIndian rupee had lost two paise to close at 61.54 in yesterday's trade against the dollar. (AP)
The Indian rupee trimmed its initial losses against the US dollar in late morning trade today but was quoted down by four paise to 61.58 on good demand for the American currency from banks and importers triggered by higher greenback overseas.

The rupee resumed lower at 61.65 per dollar as against the last closing level of 61.54 at the Interbank Foreign Exchange market and dropped further to 61.71.

However, it trimmed its losses and was quoted at 61.58 per dollar at 1045 hours.

It hovered in a range of 61.56-61.71 per dollar during the morning deals.

In New York market, the dollar strengthened across the board yesterday after US data underscored a recovery in the manufacturing sector, and another Federal Reserve official emphasised the central bank was committed to withdrawing monetary stimulus.

Meanwhile, the BSE Sensex declined by 21.86 points, or 0.10 per cent, to 21,267.63 at 1045 hours.