BT:Rupee erases initial gains, down 12 paise against dollar
The rupee erased initial gains on Wednesday and was down 12 paise at 55.19 against the US dollar on fresh demand for the American currency from banks and importers.
The dollar strengthened in the overseas currency markets as well.
The rupee resumed lower at 55.14 per dollar as against Tuesday's close of 55.07 at the Interbank Foreign Exchange (Forex) Market. It moved between 55.21 and 55.02 per dollar before quoting at 55.19 per dollar at 1040hrs.
The rupee was in line with the stock market movements.
It had strengthened by 45 paise on Tuesday to close at one-month high of 55.07 against the dollar, tracking a jump in local shares.
The Bombay Stock Exchange 30-stock index, Sensex, resumed higher at 17,638.53 on Wednesday morning and shot up further to 17,679.37. However, it declined to 17,609.24 before quoting at 17,646.39 at 1050 hrs, up 44.61 points or 0.21 per cent from Tuesday's close.
