Rupee trims initial sharp losses vs US dollar, still down by 4 paise
The local unit resumed lower at 54.52 per dollar as against the last closing level of 54.46 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to a low of 54.75 per dollar on sustained dollar demand from banks and importers in view of firm dollar overseas.
However, it recovered from its initial sharp losses to 54.48 per dollar before quoting at 54.50 per dollar at 1050 hrs on hopes of more foreign capital inflows into equity market.
In New York, the US dollar rose against the Japanese yen to its highest level since March yesterday and sat little changed versus the euro after regional leaders moved closer to a banking union and gave Greece its bailout money.
Meanwhile, the BSE benchmark Sensex moved up by 9 points, or 0.05 per cent, to 19,238.12 at 1050 hrs.
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