Rupee trims initial losses, still down 5 paise against dollar

The rupee pared its initial losses, but was still down by 5 paise at 63.47 against the American currency in late morning trade on dollar demand from banks and importers.

The rupee opened lower at 63.54 against last Thursday's closing of 63.42 at the Interbank Foreign Exchange market, it slid further to 63.59 before quoting at 63.47 at 1100 hrs.

It hovered in the range of 63.59 to 63.46 during morning deals.

Overseas, In New York, the dollar was slightly firm against a basket of major currencies amid thin early trade as several key financial centres shut for holidays.

Meanwhile, BSE Sensex was trading higher by about 71.26 points or 0.26% at 27,561.85 in late morning trade.