The rupee lost 22 paise to trade at a fresh nine-month low of 62.25 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the greenback's value against other currencies overseas.Dealers attributed the fall in rupee to dollar's gains against the euro and yen overseas. However, a higher opening in the domestic stock market limited the fall of the domestic currency.The rupee had tumbled 16 paise to close at almost a nine-month low of 62.03 against the dollar on Friday following sustained dollar demand from importers, including oil firms. Meanwhile, a sluggish agriculture and manufacturing sector performance restricted the GDP growth rate at 5.3 per cent in the second quarter, raising the clamour for a rate cut by the RBI in its policy due tomorrow.The benchmark BSE Sensex rose by 94.55 points, or 0.33 per cent, at 28,788.54 in early trade today.
Rupee trims initial losses, still down by 12 paise
The Indian currency is trading lower against the American currency following persistent bouts of dollar demand from importers and bullish greenback overseas. The rupee resumed sharply down with a fresh nine-month low of 62.25 per dollar as against the last Friday's closing level of 62.03 at the Interbank Foreign Exchange market.Later, it pared losses on bouts of dollar selling by banks to quote 62.15 at 1030 hours. It hovered in a range of 62.25 and 62.12 per dollar in the morning trade.Meanwhile, sustained capital inflows into the Indian market limited the fall of the rupee, a dealer said. In New York market, the US dollar trading bullish against its major rivals and rose to a new seven-year high against the yen in early trade amid growing concerns over deflationary pressure
in Japan in the face of sliding oil prices.
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