Rupee trims initial losses; still down 8 paise to 62.06 vs USD

Written by PTI | Mumbai | Updated: Feb 28 2014, 17:47pm hrs
Indian rupeeThe India rupee had lost four paise to close at 61.98 against dollar in the previous session.
The rupee trimmed its initial losses but was still quoted lower by 8 paise to 62.06 against the US dollar in late morning deals today on month-end demand for the American currency from importers.

The domestic currency resumed lower at 62.10 per dollar as against the Wednesday's close of 61.98 at the Interbank Foreign Exchange (Forex) market and dropped further to 62.14 on month-end dollar demand from importers, mainly oil refiners.

The rupee, however, trimmed its initial losses on mild dollar selling from banks on the back of persistent foreign capital inflows, but was quoted down at 62.06 per dollar at 1115 hours.