Rupee pares early losses to rule stable

The rupee cut down its initial losses to stabilise at 66.39 against the American currency in late-morning deals on bouts of dollar sale from banks and importers amid stronger equities.
The rupee resumed lower at 66.45 as against overnight closing level of 66.39 at the Inter-bank Foreign Exchange (forex) market.
It slid further before quoting at 66.39 at 1030 hours.
The domestic unit moved in a range of 66.45 and 66.39 during the morning deals.
Overseas, the US dollar was mostly flat against its major peers as the holiday season capped the damage after yesterday's surge of the greenback against commodity currencies, including the Russian rouble.

Oil prices were lifted today by a weaker dollar after

Federal Reserve chief Janet Yellen signalled a cautious approach to US interest rate hikes, but rises were tempered by worries about a supply glut.
In forward market, premium for dollar moved down further on sustained receivings from exporters.
The benchmark six-month premium for August declined further to 175-177 paise from 178-180 paise yesterday and far forward February 2017 contract also eased to 375-377 paise from 378-380 paise.
The RBI fixed the reference rate for the dollar at 66.3329 and euro at 75.0955.
In cross-currency trades, the rupee recovered against the pound sterling to finish at 95.50 from 95.63 yesterday while moved down further against the euro to 75.40 per euro from 75.17 per euro.

However, the rupee recouped against the yen to 59.02 per 100 yen from 59.13 previously.