Rupee trims initial losses; trades 4 paise lower

Mumbai, Mar 4: The rupee trimmed initial losses but was still trading lower by 4 paise to 62.08 against the US dollar in late morning deals today on bouts of demand for the American currency from banks and importers.

The domestic currency resumed lower at 62.12 per dollar as against the previous close of 62.04 at the Interbank Foreign Exchange (Forex) and weakened further to 62.15 on sustained dollar demand from importers. The rupee was quoting at 62.08 per dollar at 1040 hours.

It hovered in a range of 62.15-62.075 per dollar during late morning deals. In New York, the dollar was trading higher against major rivals late yesterday. Meanwhile, the benchmark BSE Sensex was trading higher by 83.86 points, or 0.40 per cent, to 21,030.51 at 1100 hours.

PTI