Rupee trims initial losses, still down by 10 paise

The rupee trimmed its initial losses against the US dollar but was still quoted down by 10 paise to 62.17 on mild demand for the American currency from banks and importers due to higher greenback overseas.
The rupee resumed lower at 62.22 per dollar as against the last closing level of 62.07 at the Interbank Foreign Exchange market and dropped further to 62.24.
The domestic unit, however, recovered afterwards to 62.16 a dollar on some selling of the US currency by banks before quoting at 62.17 at 1045 hours.
The rupee moved in a range of 62.16-62.24 per dollar during the morning deals.

In New York, the US dollar rose yesterday with investors examining minutes from the Federal Reserve's last meeting and private-sector jobs data.
The Fed in December had said it would reduce its monetary stimulus, cutting bond purchases to USD 75 billion in January from USD 85 billion.
Meanwhile, the benchmark BSE Sensex moved down by 14.20 points, or 0.07 per cent, to 20,715.18 at 1045 hours.