rupee depreciation

Mumbai, Sep 26 (PTI) The Indian rupee trimmed its initial loss on Friday, but was still down by 9 paise to Rs 61.43 against the US currency on sustained bouts of dollar demand from importers and firm greenback overseas.

The domestic unit resumed higher at 61.46 per dollar as against yesterday’s closing level of 61.34 at the Interbank Foreign Exchange (Forex) Market.

It surged to Rs 61.49 during morning trade and was quoting at Rs 61.43 per dollar at 1020 hours.

The rupee hovered in a range of 61.42 and 61.49 per dollar during the morning deals.

Crude oil trading was up at the global level in early trade, though hefty supplies capped price gains and outweighed concerns that rising tensions in the Middle East could disrupt supply.

In New York, the US dollar held near a four-year high against its major rivals in early trade, and further gains looked likely for the currency as it boasted its biggest yield advantage over the euro in 15 years.

Meanwhile, the benchmark BSE Sensex was trading slightly lower by 11.38 points or 0.04 per cent to 26,456.98 at 1040 hours.