Rupee down 10 paise to 53.82/dollar

Erased marginal gains in view of high month-end demand for dollar from banks & importers despite firm local equity market

Erasing marginal gains it made this morning, the rupee was trading lower by 10 paise at 53.82 against the dollar in view of the high month-end demand for the American currency from banks and importers despite firm local equity market.

The rupee resumed lower at 53.80 a dollar as against Tuesday's closing level of 53.72 at the Interbank Foreign Exchange (Forex) Market. It moved down further to 53.84, before quoting at 53.82 at 1100 hrs.

It moved between 53.68 and 53.84 per dollar during the morning deals.

Meanwhile the BSE-30 index, Sensex, rose by 43.70 points, or 0.23% at 1115 hrs.

The rupee had ended lower by 25 paise at 53.72 against the dollar in the previous session on Tuesday amid fresh American currency demand, mainly from oil refiners.

The forex market remained closed yesterday on account of Dussehra.

In New York, the US dollar held onto a small advance against major currencies yesterday after the Federal Reserve continued to express concern about the economy and made no changes to its ultra-easy monetary policies.