Rupee pares losses, still down 5 paise vs dollar in morning deals

Continued bouts of dollar demand from banks and importers amid lower equities helped the rupee

The rupee pared initial losses, but still quoted down by 5 paise to 66.76 against the greenback in late morning deals on continued bouts of dollar demand from banks and importers amid lower equities.

The rupee resumed lower by 66.80 per dollar from yesterday's closing level of 66.71 at the Interbank Foreign Exchange Market.

Later, it moved between 66.82 and 66.74 on the back of bouts of demand and supply before quoting at 66.76 at 1035 hrs.

Overseas, the US dollar steadied against the basket currencies in early Asian trade, given some breathing space after a recent surge by the euro lost momentum in wake of dovish comments by a policymaker.

Meanwhile, crude oil tumbled to fresh multi-year lows in Asia today after the OPEC cartel said output had surged, exacerbating concerns over a supply glut that is expected to persist beyond next year.

The Indian benchmark Sensex was trading lower by 35.47 point or 0.14% to 25,216.85 in late morning trade.