Rupee trims initial losses, still down 19 paise

The Indian rupee trimmed initial losses against the U.S. dollar but was still quoted lower by 19 paise to 67.82 in early trade on dollar demand from banks and importers.

The rupee resumed lower at 68.10 per dollar against the last closing level of 67.63 at the Interbank foreign exchange (Forex) market and dropped further to a low of 68.62.

However, the Indian currency recovered afterwards to 67.48 in view of surge in the equity market before quoting at 67.82 per dollar at 10.50 a.m.

The BSE benchmark Sensex rose 303.53 points, or 1.66 per cent, to 18,538.19 at 1050 hrs after overnight crash.

Oil prices were mixed in Asian trade after it ruled firm in New York as concerns over a U.S.-led military strike on Syria returned. New York’s main contract, West Texas Intermediate for delivery in October, eased 26 cents to $108.28 in mid- morning trade.