Rupee trims initial losses, down 9 paise to 66.12 against dollar

Mumbai: The rupee was trading down by 9 paise against the American currency at 66.12 in late morning deals on dollar demand from banks and importers on the back of bullish greenback in the overseas market.

The Indian rupee opened lower at 66.12 per dollar as against yesterday's level of 66.03 at the Interbank Foreign Exchange (Forex) market.

It hovered in the range of 66.1750 to 66.10 per dollar during the morning deals, before quoting 66.12 at 1030 hrs.

The dollar index is trading up 0.01 percent at 99.68 against a basket of six currencies.

"Investors are expected to trade cautiously ahead of the data due this week. The rupee is expected to trade weak taking cues from a strong dollar," a forex dealer said.

Overseas, the US dollar sat near a seven-month high against a basket of currencies in Asian early trade as the euro slid on expectations for the European Central Bank to ease monetary policy in December.

Meanwhile, the benchmark BSE Sensex were trading lower by 45 points or 0.17 percent at 25,819.48 at 1035 hrs.