Rupee trims initial losses vs dollar, still down 6 paise

Mumbai: The Indian rupee trimmed its earlier losses against the American currency, but was quoted still lower by six paise to 54.83 per dollar on mild dollar demand from banks and importers despite weak dollar overseas. The rupee resumed slightly lower at 54.78 per dollar as against Monday's closing level of 54.77 per dollar at the Interbank Foreign Exchange (Forex) Market and declined further to 54.94 per dollar before quoting at 54.83 per dollar at 1050 hrs.

It moved in a range of 54.72 per dollar and 54.94 per dollar during the morning deals. In New York market, the US dollar weakened on Monday as optimism over Greece and an upbeat Chinese manufacturing survey undercut its safe-haven appeal, while the euro rose to a six-week high versus the US currency.

Meanwhile, the Indian benchmark Sensex resumed lower at 19,277.58 and hovered in a range of 19,359.49 and 19,274.03 before quoting at 19,326.60 at 1050 hrs, showing a moderate gain of 21.28 points or 0.11 per cent.