The rupee slipped from its initial gains to depreciate by 4 paise to 66.77 against the American currency in late morning deals on Wednesday fresh bouts of dollar demand from importers amid lower equities.The rupee opened higher at 66.70 per dollar from Tuesday’s closing level of 66.73 at the Interbank Foreign Exchange (Forex) market.The domestic unit hovered in a range of 66.79 and 66.70 in the morning deals before quoting down at 66.77 at 10.30 a.m. Meanwhile, the dollar index was trading up 0.12 per cent at 95.22 against a basket of six currencies in early trade.

Overseas, the U.S. dollar were struggling near six-week lows against the basket of currencies in early Asian trade amid due expectations that the U.S. Federal Reserve will raise interest rates later rather than sooner as overnight weak showing by Wall Street, with indexes suffering their worst day in roughly a month in the wake of unconvincing economic data and falling oil prices.Meanwhile, the benchmark BSE Sensex was trading lower by 199.91 points or 0.71 per cent to 27,781.80 at 10.50 a.m.

Source:thehindu.com

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