Indian rupee trims initial losses vs dollar, still down 14 paise

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Traders expect some recovery in Indian rupee tracking other Asian currencies and domestic shares. Traders expect some recovery in Indian rupee tracking other Asian currencies and domestic shares.
SummaryDemands for US currency and slowing economic growth put pressure on the domestic currency.

The Indian rupee trimmed its initial losses but was still quoted down by 14 paise to 65.84 per dollar on demand for the US currency from banks and importers due to higher global cues amid firm equity market.

The rupee resumed lower at 66.15 per dollar as against the last weekend's level of 65.70 at the Interbank Foreign Exchange (Forex) Market.

It moved in a range of 66.15 and 65.70 before quoting 65.84 per dollar at 1040 hours.

Oil prices fell in Asian trade today after US President Barack Obama's announcement that he would seek approval from lawmakers for military action against Syria, which eased prospects of an imminent strike, analysts said.

In New York market, the US dollar rose against rivals on last Friday and notched its third consecutive weekly gain after Syrian-related tensions weighed on risk appetite and aided the US currency.

Meanwhile, the Indian benchmark BSE-30 share index Sensex rose by more than 200 points or 1.08 per cent to 18,820.61 at 1040 hours.

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