Rupee trims initial losses, still down by 6 paise

The rupee trimmed its initial losses against the American currency in late morning deals but was still trading lower by 6 paise to 62.97 on dollar demand from from banks and importers.
The rupee resumed lower at 63.15 per dollar as against the last closing level of 62.91 at the Interbank Foreign Exchange market.
It moved in a range of 63.15 and 62.95 per dollar during morning deals before quoting at 62.97 at 1100hrs.
Oil prices eased in Asia as dealers weighed China's fresh monetary stimulus against a supply glut in the US, analysts said.
In the New York market, the euro traded lower against the dollar yesterday after markets showed concerns that debt negotiations between Greek officials and the Mediterranean country's creditors have yielded little progress.

Meanwhile, the Sensex was trading lower by 36 points, or 0.13 per cent, to 27,850.17 at 1105hrs.