Rupee trims its initial losses against USD, still down by 5 paise

Mumbai: The Indian rupee trimmed its losses against the American currency but was still quoted lower by 5 paise at 61.40 per dollar on month-end dollar demand from importers. The rupee resumed lower at 61.52 per dollar as against the last closing level of 61.32 at the Interbank Foreign Exchange (Forex) Market and dropped further to 61.55 on initial strong demand from banks and importers in view of firm dollar in the overseas market.

However, it trimmed its initial losses and was quoted at 61.40 per dollar at 1000hrs in view of good foreign capital inflows into equity market. It moved in a range of 61.55-61.39 per dollar during the morning trade. In the New York market, the American unit surged against its key rivals on October 30 after the Federal Reserve said it would conclude its bond-buying stimulus programme and expressed optimism about the economy. Meanwhile, the Indian benchmark sensex moved up further by 46.96 points or 0.17 per cent to 27,145.13 at 1000hrs.