Rupee cuts initial losses against dollar
Mumbai: In a restricted trading, the rupee trimmed initial losses but was still quoted lower by two paise to 54.31 per dollar in the late morning trade on mild buying of dollars from banks in spite of weakness of the US unit in overseas markets.
The rupee resumed lower at 54.30 against the Monday's closing level of 54.29 at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 54.27 and 54.36 before quoting at 54.31 per dollar at 1040hrs.
Mild dollar demand from banks mainly affected the domestic currency's value against the greenback, a forex dealer said.
In the New York market, the Japanese yen rose against the dollar yesterday with the greenback extending losses against its major rivals after data showed an unexpected decline in a US manufacturing gauge.
Meanwhile, the Indian benchmark Sensex moved down by 19 points, or 0.10 pct, to 18,845.42 at 1040 hrs.