Rupee trims initial losses vs dollar, still down by 11 paise

The Indian rupee trimmed its initial losses against the American currency but was still quoted lower by 11 paise at 61.96 in the late morning trade on the month-end dollar demand from importers.

The rupee resumed lower at 62.00 per dollar as against the last weekend's level of 61.85 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 62.04-61.93 per dollar before quoting at 61.96 at 1040hrs.

Month-end dollar demand from importers, mainly oil companies, affected the rupee value against the dollar, a forex dealer said.

Oil prices were mixed in the Asian trade as investors focused on a fall in US crude inventories, indicating robust demand in the world's top consumer.

New York's main contract, West Texas Intermediate (WTI) for February delivery, was down ten cents at USD 100.22 in mid-morning trade while Brent North Sea crude for February gained 18 cents to USD 112.36.

Meanwhile, the Indian benchmark Sensex resumed strong but declined afterwards by 11.08 points or 0.18 % in the late morning trade.