Rupee trims losses vs dollar, still down by 25 paise

The Indian rupee wiped off some of its initial losses against the US dollar but was still trading down by 25 paise to 61.52 per dollar following good demand for American currency from banks and importers on the back of higher dollar in overseas market.

The rupee resumed at 61.39 per dollar as against the last closing level of 61.27 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 61.66 per dollar on good dollar buying.

However, it recovered afterwards to quote at 61.52 per dollar at 1040hrs on some dollar selling by exporters in view of firm equity market.

It moved in a range of 61.39-61.66 per dollar during the morning deals.

In the global market, the US currency rose in its early trade with the yen losing ground after a report that Japan will look into cutting corporate taxes, while the greenback looked to U.S. retail sales to reinforce expectations that monetary stimulus will soon be reduced.
source:http://businesstoday.intoday.in/story/indian-rupee-vs-us-dollar-forex-markets-on-aug-13-2013/1/197730.html

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