Rupee pares initial losses, still down 10 paise vs dollar

Mumbai :The rupee pared its initial losses but was still down by 10 paise at 66.70 against the American currency in late-morning deals on sustained bouts of dollar demand from importers amid volatile equities.

Earlier, the rupee resumed lower at 66.69 as against last yesterday’s closing level of 66.60 at the Interbank Foreign Exchange (forex) market.

Later, it fell on heavy bouts of dollar demand from importers to 66.82 before quoting at 66.70 at 1030 hours.

The domestic unit moved in a range of 66.69 and 66.82 during the morning deals.

Overseas, the US dollar traded mostly higher against major rivals in early trade, despite the Japanese yen vaulting to a near three-month high against the dollar and multi-month highs versus other currencies as investors sought shelter in low-risk assets after weak economic news from China and a possible nuclear test in North Korea.

Meanwhile, the benchmark BSE Sensex trading lower by 7.24 points or 0.03 per cent at 25,573.10 in late morning trade.