Rupee trims early losses, still down 7 paise against dollar

The rupee trimmed its initial losses, but was still down 7 paise at 63.22 against the American currency in late morning trade on bouts of month-end dollar demand from banks and importers amid volatile equities.
The rupee opened lower at 63.22 against last closing level of 63.15 at the Interbank Foreign Exchange market. Then it slid further to 63.28 before quoting again at 63.22 at 1100 hrs.
It hovered in a range of 63.14 and 63.28 during morning deals.
In New York forex market, the dollar remained stuck at its two-month lows against a basket of major currencies in early trade as the market hedged the risk that the Federal Reserve might sound more dovish following a two-day policy review.

Meanwhile, the BSE Sensex was trading lower by about 189 points or 0.69 per cent at 27,207.84 in late morning trade.