Rupee trims initial losses, still down by 11 paise vs USD

The rupee trimmed its initial losses, but was still trading down 11 paise at 68.57 against the American currency in late morning deals today on bouts of dollar demand from some banks and importers.
The domestic unit resumed lower at 68.60 per dollar as against last Thursday's closing level of 68.46 at the Inter-bank Foreign Exchange (Forex) market.
It hovered in a range of 68.70 and 68.53 during morning deals before quoting at 68.57 at 1030 hours.
The dollar index was up 0.08 per cent at 96.84 against a basket of six currencies in the early trade.
Overseas, oil prices recovered in Asia today after a steep fall in the previous session, with US crude back above USD 30 a barrel as traders mulled the impact of a potential freeze by key producers.

The pound slipped the most in a month against the dollar as concern grew that Britain would quit the EU.

The dollar was slightly lower against the yen and the euro
in range-bound afternoon trade today with investors largely avoiding strong positions a day ahead of UK's referendum.
In forward market, premium for dollars remained under pressure due to sustained receivings from exporters.
The benchmark 6-month premium for November dropped to to 183-185 paise compared to 188-190 paise yesterday and far forward May 2017 contract also moved down to 377-379 paise from 382-384 paise.
Meanwhile, the benchmark index Sensex drifted furtner by 47.13 points or 0.18 per cent to end at 26,765.65, while the 50-share Nifty lost 16.20 points to 8,203.70.