The rupee trimmed its early losses, but was still quoted down by 27 paise to 57.78 against the American currency in the late morning trade on fresh dollar demand from banks and importers on the back of higher dollar overseas.
The rupee resumed lower at 57.70 per dollar as against the last weekend’s level of 57.51 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 57.85 per dollar.
However, its trimmed losses afterwards to 57.65 per dollar before quoting at 57.78 per per dollar at 1040 hrs.
It moved in a range of 57.65 per dollar and 57.85 per dollar during the late morning deals.
Renewed dollar demand from banks and importers in view of firm dollar overseas mainly affected the rupee value against the dollar, a forex dealer said.
In the international market, the US dollar edged higher against key rivals in the early trade, coming off a string of losses before the Federal Reserve’s policy decision later this week.