Rupee trims initial losses, still down by 8 paise vs USD

The rupee pared its early losses today, but was still down by 8 paise to 61.13 against the US currency, on sustained bouts of dollar demand from importers amid weak domestic equities and bullish greenback overseas.

The rupee resumed lower at 61.15 per dollar as against yesterday's closing level of 61.05 at the Interbank Foreign Exchange (Forex).

It slid further to 61.20 on heavy bouts of dollar demand before quoting at 61.13 per dollar at 1030 hours.

The domestic unit moved in a range of 61.11 and 61.20 per dollar during the late morning deals.

In the New York market, the US dollar traded higher against its major rivals in early trade after the overnight eye-catching plunge in German exports raised fears of a recession in Europe's largest economy.

Crude oil prices fell to a two-year low in early Asian trade as weak economic data from Germany underscored concerns over a global economic slowdown and its impact on energy demand.

Meanwhile, the benchmark BSE Sensex was trading lower by 264.41 points, or 0.99%, to 26,372.87 at 1030 hours.