Rupee down 11 paise against dollar

Mumbai, Jul 4: The

recovered some of the morning losses but was still down 11 paise against the

at 54.49 on fresh demand for the American currency from banks and importers.

The dollar strengthened against other currencies as well in the overseas market.

The rupee resumed lower at 54.40 per dollar as against the last closing level of 54.38 at the Interbank Foreign Exchange market and dropped further to 54.61, before quoting at 54.49 per dollar at 1045hrs.

Fresh dollar demand from banks and importers in view of strong dollar in the overseas market mainly affected the rupee value, a forex dealer said.

In the Sydney market, the dollar index edged higher against major rivals in Asian trading hours today with markets subdued on US holiday.

PTI