Rupee trims initial losses vs dollar

Mumbai: The rupee trimmed its initial losses, but was still trading lower at 55.65 against the American currency in late morning deals on Monday amid good demand of the dollar from some banks, despite it being bearish overseas. The rupee opened sharply lower at 55.70 per dollar as against the previous closing level of 55.63 at the Interbank Foreign Exchange (Forex) market.

It moved in a range of 55.64 and 55.76 in late morning deals before quoting 55.65 per dollar at 1100 hours, down 2 paise over its last close. In the international market, the US dollar extended losses against the Japanese yen.

Meanwhile, the BSE-30 share barometer Sensex was trading higher by 152.06 points, or 0.77 per cent, quoting 19,856.39 at 1100 hours.