Paring some of the initial losses, the rupee was down by 16 paise to 61.93 against the US dollar in the late morning trade on Friday.

The rupee resumed lower at 62.05 per dollar as against the last closing level of 61.77 at the Forex Market.

It moved down further to 62.20 per dollar on good demand for the US currency from banks.

However, it recovered afterwards to 61.90 before quoting 61.93 per dollar in late morning deals, on mild selling of the American currency.

In Asian markets, crude oil prices extended losses on Friday as investors took profits after a recent rally.

More In: Markets | Business