In New York, the US dollar trimmed its losses against the

yen yesterday as investors sorted out the stance by the world's largest industrialised economies on recent weakness in the Japanese currency. The premium for the forward dollar declined sharply on sustained receipts by exporters. The benchmark six-month forward dollar premium payable in July dropped further at 173-1/2-175-1/2 paise from Wednesday's close of 180-182 paise. Far-forward contracts maturing in January remained weak at 336-1/2-338-1/2 paise from 344-346 paise. The RBI fixed the reference rate for the US dollar at 53.8715 and for euro at 72.3760. The rupee moved up further against the pound sterling to 83.60 from last close of 83.77 while recovered smartly against the euro to end at 71.88 from 72.60. It, however, declined further against the Japanese Yen to 57.87 per 100 yen from previous close of 57.50.