Rupee down 3 paise at 54.75/dollar in late morning deals

Mild dollar demand on back of firm global cues affects rupee

The rupee recovered from initial losses but was still quoting lower by three paise at 54.75 in late morning deals on mild dollar demand from banks and importers on the back of firm global cues.

The local currency resumed lower at 54.87 per dollar as against the last closing level of 54.72 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 54.91 before quoting at 54.75 a dollar at 1040 hours.

It moved in a range of 54.74-54.91 in the morning deals.

Good dollar demand from banks and importers in view of firm dollar overseas market affected rupee's value against the dollar, a forex dealer said.

In the New York market, the US dollar rose against most major rivals yesterday, finding underlying support as data showed stronger-than-expected private sector jobs growth in February.

Meanwhile, the BSE benchmark Sensex was quoting steady at 19,252.06 at 1050 hours.