Rupee trims initial losses, still down by 7ps to 63.63 vs USD

The rupee trimmed its initial losses, but was still quoting down by 7 paise to 63.63 against the greenback in late morning trade on continued bouts of month-end dollar demand from banks amd importers as well as weak equities.
Earlier, the rupee opened 63.70 as against last closing level of 63.56 at the Interbank Foreign Exchange market and later dropped further four month lows to 63.77 before quoting at 63.63 at 1100hrs.
The rupee hovered in a range of 63.77 and 63.55 during the morning deals.
Sustained capital outflows bearing on the rupee sentiment, a dealer said.
Overseas, in New York the dollar started the week on the defensive in early trade after more disappointing US economic data reinforced expectations the US Federal Reserve will not hike interest rates any time soon, while concerns about Greece's ongoing debt talks pressured the euro.

Meanwhile, the BSE Sensex was trading lower by 96.80 points or 0.35 per cent to 27,341.14 in late morning trade.