Rupee down 16 paise vs dollar in late morning trade

The rupee weakened by 16 paise,against the American currency in late morning deals today.

Written by PTI | Mumbai | Published:May 28, 2013 10:17 am

The rupee weakened by 16 paise,against the American currency in late morning deals today amid sustained demand for dollar from importers and some banks,on the back higher dollar overseas.

The rupee opened lower at 55.65 per dollar as against the previous closing level of 55.57 at the Interbank Foreign Exchange (Forex) market. It hovered in a range of 55.64 and 55.73 in late morning deals and was still quoting at 55.73 per dollar at 1100 hours,down 16 paise over its last close.

“Consistent demand from importers and some banks putting pressure on rupee sentiment,” dealers said. In the international market,the US dollar rose against the Japanese yen in the early trade marking a break in theyen’s recent gains. Meanwhile,the BSE-30 share barometer Sensex was trading slightly lower by 8 points,or 0.04 per cent,quoting 20,007.90 at 1105 hours.

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