Rupee pares initial losses, still down 7 paise against dollar

The rupee trimmed its initial losses but was still down 7 paise at 63.64 against the US dollar this morning amid demand for the American currency from importers.

The rupee resumed lower at 63.66 as against last Friday's closing level of 63.57 at the Interbank Foreign Exchange (Forex) market. Later, it fell to 63.71 per dollar before quoting at 63.64 per dollar at 1030 hrs.
It moved in a range of 63.71-63.63 per dollar during morning trade. 

"The month end dollar-demand from importers is sustaining pressure on rupee," a dealer said. 

In New York, the US dollar was firm against other global currencies in listless early trade ahead of New Year holiday's.

Meanwhile, the BSE 30-stock index, Sensex, was trading higher by 215.52 points, or 0.79 per cent to 27,457.30 in late morning trade.