Rupee trims initial losses vs dollar, still down by 21 paise

Higher dollar in the overseas market also affected the rupee value against the dollar, a forex dealer said.

PTI| Last Updated: Nov 28, 2013, 12:06 PM IST

Mumbai: The rupee trimmed its initial losses but was still quoted lower by 21 paise to 62.35 against the American currency on month-end dollar demand from importers.

Higher dollar in the overseas market also affected the rupee value against the dollar, a forex dealer said.

The rupee resumed lower at 62.38 per dollar as against the last closing level of 62.14 at the Interbank Foreign Exchange (Forex) market and firmed up further to 62.26 before quoting at 62.35 at 1040 hours.

It hovered in a range of 62.26 and 62.42 per dollar during the late morning deals.

Month-end dollar demand from importers mainly affected the market sentiment.

In New York market, the US dollar jumped to a six-month high against the Japanese yen yesterday, boosted by comments from a Bank of Japan board member and a generous helping of US economic data before the Thanksgiving holiday.

Meanwhile, US oil prices fell further in Asian trade to USD 92.13 per barrel today as dealers focused on an unexpectedly large surge in stockpiles, stoking concerns about oversupply in the world's biggest economy.

The Indian benchmark Sensex rose by 173.97 points or 0.85 percent to 20,594.23 at 1045hrs.