Rupee pares initial losses, up 14 paise against USD

The rupee pared initial losses and was trading higher by 14 paise to 64.38 against US dollar in the late morning trade due to fresh selling of the American currency by banks and exporters.
The rupee resumed lower at 64.63 against the greenback at the Interbank Foreign Exchange (Forex) market as compared to yesterday's closing level of 64.52 against dollar. It dropped further to 64.65 on the back of increased dollar demand from banks and importers as the American unit strengthened in the global market amid fall in the domestic equity market.
However, it washed out initial losses and recovered to 64.32 per dollar before quoting at 64.38 at 1100 hrs due to fresh selling of dollars by banks and exporters following recovery in the equity market.

The domestic currency moved in a range of 64.32 and 64.65 per dollar in the late morning trade.
In the overseas market, dollar strengthened against its main rivals as investors anticipated another blockbuster jobs report on Friday, though its rise was constrained by investors bracing for the possibility that a US-China summit in Florida could unleash a torrent of volatility.
Asian stocks edged lower after the US fired dozens of cruise missiles into Syria. The missile strikes happened as President Donald Trump hosts Chinese President Xi Jinping at his Mar-a-Lago resort in Florida.
Meanwhile, the BSE benchmark Sensex dropped by 70.82 points or 0.24 per cent to 29,856.52 at 1100 hrs.