Rupee slips from initial gains in late morning trade

Wednesday, Dec 2, 2015,10:31 IST By metrovaartha A A A

Mumbai | The rupee slipped from its initial gains by 7 paise to 66.56 against the American currency in late morning deals following bouts of dollar demand from importers amid volatile equities.

The domestic currency Wednesday resumed lower at 66.52 as against yesterday’s closing level of 66.49 at the Interbank Foreign Exchange (Forex) market. Later, it gained slightly to 66.46 on bouts of dollar selling by exporters before slipping back to quote 66.56 at 1030 hrs. The rupee was hovering in a range of 66.5650 and 66.46 in the morning trade.

Globally, the US dollar nursed broad losses against the basket currency in early trade in New York, having retreated from a multi-month peak as bulls got cold feet after US manufacturing contracted in November for the first time in three years. Meanwhile, the benchmark BSE Sensex was trading lower by 93.52 points, or 0.36 per cent, to 26,075.89 at 1050 hrs.