Rupee trims its initial losses vs dollar, still down by 18 paise

MUMBAI: The rupee trimmed its early losses against the American currency but was still quoted down by 18 paise to 54.32 per dollar on month-end dollar demand from importers despite weakness of dollar in overseas.

The rupee resumed lower at 54.24 per dollar as against the last closing level of 54.14 per dollar at the Interbank Foreign Exchange ( Forex) Market and dropped further to a low of 54.38 per dollar before quoting at 54.32 per dollar at 1040 hrs.

Month-end dollar demand from importers mainly affected the rupee value against the dollar, a forex dealer said.

Meanwhile, in the global market, the US dollar and Australian dollar both fell in the early trade after weaker- than-expected Chinese manufacturing figures added to concerns about slowing in the world's second-largest economy.

Meanwhile, the Indian benchmark Sensex dropped by 52.93 points, or 0.28 per cent, to 19,116.90 at 1040 hrs.