The rupee pared its initial losses, but was still down by 9 paise at 63.51 against the American currency in the afternoon session on dollar demand from banks and importers.

The rupee opened lower at 63.54 against the previous close of 63.42 at the Interbank Foreign Exchange market. It slid further to 63.59 before quoting at 63.51 at 12 noon.

The domestic unit hovered in the range of 63.60 and 63.45 during the morning deals. Overseas, In New York, the dollar was slightly firm against a basket of major currencies amid thin early trade as several key financial centres were shut for holidays. Meanwhile, BSE Sensex was trading higher by about 61.53 points or 0.22 per cent at 27,552.12.

Source:thehindubusinessline.com