BT:Rupee trims its early losses vs dollar, still down by 23 paise
The Indian rupee erased its early losses against the American currency but was still trading down by 23 paise to 62.74 per dollar on month-end dollar demand from importers amidst fall in the equity market on Monday.
Foreign capital outflows also affected the rupee value, a forex dealer said.
The rupee resumed lower at 63.00 per dollar as against the last weekend's level of 62.51 per dollar at the Interbank Foreign Exchange (Forex) Market on sustained dollar demand from importers, mainly oil refiners.
However, it recovered afterwards to 62.60 per dollar on mild selling of dollars by banks before quoting at 62.74 per dollar at 1045hrs.
Crude oil prices tumbled in Asian trade on Monday as a budget impasse in the United States threatened to shut down parts of the economy, analysts said. New York's main contract, West Texas Intermediate for delivery in November fell $1.16 to $101.71 in mid-morning trade.
Meanwhile, the BSE benchmark sensex dropped by 203 points or 1.03 per cent to 19,524.11 at 1050 am.
