Rupee pares gains, slips 7 paise against US dollar

The rupee pared initial gains to fall 7 paise to 71.82 against the US currency in late morning deals Thursday on bouts of dollar demand from banks and importers.

Earlier, the rupee resumed higher at 71.62 against yesterday’s closing level of 71.75 a dollar at the interbank foreign exchange market here.

The domestic unit hovered in wide range of gains and losses between 71.62 and 71.95 during morning deals. It was trading at 71.82 per dollar at 1035 hrs.

“Rupee continued to be ruled by speculation, pressured by crisis in emerging market currencies, escalating trade war tensions and rising crude,” a dealer said.

Overseas, the US dollar fell against a basket of currencies in early Asian trade, as the pound led a bounce in European currencies; although skittish emerging market currencies and global trade concerns limited the greenback’s losses.

Meanwhile, the 30-share BSE Sensex is trading higher by 168.58 points, or 0.44 per cent, at 38,186.89 at 1105 hrs.

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