Indian rupee trims losses vs dollar, still down by 25 paise

Aug 13 2013, 11:46 IST
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'There was scepticism about whether these foreign fund flows would actually come in.' (AP) 'There was scepticism about whether these foreign fund flows would actually come in.' (AP)
SummaryA higher opening in the domestic equity market limited the rupee fall.

The Indian rupee trimmed some of its initial losses against the American currency but was quoted still down by 25 paise to 61.52 per dollar on good dollar demand from banks and importers on the back of higher dollar in overseas market.

The rupee resumed at 61.39 per dollar as against the last closing level of 61.27 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 61.66 per dollar on good dollar buying.

However, it recovered afterwards to quote at 61.52 per dollar at 1040hrs on some dollar selling by exporters in view of firm equity market.

It moved in a range of 61.39-61.66 per dollar during the morning deals.

In the global market, the US currency rose in its early trade with the yen losing ground after a report that Japan will look into cutting corporate taxes, while the greenback looked to U.S. retail sales to reinforce expectations that monetary stimulus will soon be reduced.

Meanwhile, the Indian benchmark sensex rose by 136.01 points or 0.72 per cent to 19,082.99 at 1050hrs.

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