Rupee trims initial losses; still down 8 paise to 62.06 vs USD

The rupee trimmed its initial losses but was still quoted lower by 8 paise to 62.06 against the US dollar in late morning deals today on month-end demand for the American currency from importers.
The domestic currency resumed lower at 62.10 per dollar as against the Wednesday's close of 61.98 at the Interbank Foreign Exchange (Forex) market and dropped further to 62.14 on month-end dollar demand from importers, mainly oil refiners.
The rupee, however, trimmed its initial losses on mild dollar selling from banks on the back of persistent foreign capital inflows, but was quoted down at 62.06 per dollar at 1115 hours.

It hovered in a range of 62.04 and 62.14 per dollar during the late morning deals.
In Hong Kong market, the dollar fell against Japanese yen in early trade after the release of a set of stronger- than-expected economic data.
Meanwhile, the Indian benchmark BSE-30 share index Sensex rose by 100.62 points, or 0.48 per cent, to 21,087.61 at 1115 hours.