Indian rupee trims initial losses against US dollar, still down 22 paise

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The Indian rupee fell by 21 paise to 62.43 against the US dollar in early trade today. (AP) The Indian rupee fell by 21 paise to 62.43 against the US dollar in early trade today. (AP)
SummaryIndian rupee was quoted 22 paise lower at 62.38 per US dollar on rising demand for US currency.

In line with the equity market, the Indianrupee trimmed initial losses and was still quoted 22 paise lower at 62.38 per US dollar on demand for the US currency from banks and importers.

The Indian rupee resumed lower at 62.35 per US dollar as against the last weekend's level of 62.16 per dollar at the Interbank Foreign Exchange (Forex) market and dropped further to 62.46.

However, it recovered afterwards to 62.32 per dollar before quoting at 62.38 per dollar at 1045 hrs. It moved in a range of 62.32 and 62.46 per dollar during the morning deals.

In New York, the US dollar jumped to a one-month high against the euro last Friday.

The benchmark BSE Sensex declined by 32.70 points, or 0.16 per cent, to 20,818.63 at 1045 hrs.

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