The rupee declined by 7 paise to 62.37 against the dollar in late morning trade amid sustained bouts of dollar demand from importers amid lower equities.
The rupee opened slightly lower at 62.33 at the interbank Foreign Exchange (Forex) market, later it slipped further to trade at 62.38 before quoting 62.37 at 1100 hours.
The rupee hovered in a range of 62.3250 and 62.3850 during the morning trade.
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