STOCK MARKET BSE NSE

Rupee trims initial losses, still down 4 paise against dollar

Rupee trimmed its initial losses against the American currency, but was still trading lower by 4 paise to 66.71 per dollar.

Published: 11th May 2016 12:48 PM  |   Last Updated: 11th May 2016 12:48 PM   |  A+A-

Rupee_Reuters

Indian currency of different denominations. |File Photo: Reuters

By PTI

MUMBAI: In line with equity market, the rupee trimmed its initial losses against the American currency, but was still trading lower by 4 paise to 66.71 per dollar on mild dollar demand from banks and importers despite lower greenback in the overseas market.

The rupee resumed lower at 66.79 per dollar as against the yesterday's closing level of 66.67 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 66.84 per dollar on heavy dollar demand on concerns that future equity inflows into India would be hit in the aftermath of amendments to the bilateral India-Mauritius tax treaty.

However, it trimmed its initial loss and recovered to 66.6875 per dollar before quoting at 66.71 per dollar, still showing a loss of four paise following recovery in the equity market.

The domestic currency hovered in a range of 66.6875 per dollar to 66.84 per dollar during the morning trade.

The dollar was sharply lower against the yen during Asian trade today hurt by profit-taking after the greenback's recent strength.

The US currency tumbled to as low as yen 108.60 in the late morning trade in Tokyo, before stabilizing at 108.68 yen.

The sensex opened lower at 25,548.97 and dropped further to 25,409.24. However, it recovered after wards to 25,742.04 on fresh buying at lower levels on the back of good foreign capital inflows before quoting 25,736.22 at 1100 hrs, still showing a loss of 36.31 points or 0.14 per cent.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp