Rupee trims initial losses, still down by 12 paise

The rupee trimmed its initial losses, but was still trading lower by 12 paise to 62.15 against the American currency in late morning deals following persistent bouts of dollar demand from importers and bullish greenback overseas.
The rupee resumed sharply down with a fresh nine-month low of 62.25 per dollar as against the last Friday's closing level of 62.03 at the Interbank Foreign Exchange market.
Later, it pared losses on bouts of dollar selling by banks to quote 62.15 at 1030 hours.
It hovered in a range of 62.25 and 62.12 per dollar in the morning trade.
Meanwhile, sustained capital inflows into the Indian market limited the fall of the rupee, a dealer said.

In New York market, the US dollar trading bullish against its major rivals and rose to a new seven-year high against the yen in early trade amid growing concerns over deflationary pressure in Japan in the face of sliding oil prices.
Meanwhile, the benchmark BSE Sensex gained over 115 points to 28,693.99 in late morning deals.