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Rupee trims initial losses

Last updated on: September 02, 2013 11:51 IST

The Indian rupee trimmed its initial losses but was still quoted down by 14 paise to 65.84 per dollar on demand for the US currency from banks and importers due to higher global cues amid firm equity market.

The rupee resumed lower at 66.15 per dollar as against the last weekend's level of 65.70 at the Interbank Foreign Exchange (Forex) Market.

It moved in a range of 66.15 and 65.70 before quoting 65.84 per dollar at 1040 hours.

Oil prices fell in Asian trade on Monday after US President Barack Obama's announcement that he would seek approval from lawmakers for military action against Syria, which eased prospects of an imminent strike, analysts said.

In New York market, the US dollar rose against rivals on last Friday and notched its third consecutive weekly gain after Syrian-related tensions weighed on risk appetite and aided the US currency.

Image: A man exchanging damaged currency counts Rs 100 notes along a roadside in Kolkata. Photograph: Rupak De Chowdhuri/Reuters

Swati Bhat in Mumbai
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