Indian rupee pares initial losses, still down 2 paise vs USD

The rupee pared initial losses to trade down by 2 paise at 65.06 against the American currency in late morning trade.

The rupee resumed lower at 65.08 per dollar as against last closing level of 65.04 at the Interbank Forex Market.

The forex market was closed on Thursday and Friday on account of Diwali holidays.

The Indian unit hovered between 65.11 and 65.06 per dollar during morning deals, it was quoting at 65.06 per dollar at 1025 hrs.

Overseas, the dollar touched a three-month high against the yen early today, with an emphatic election victory for Japan’s ruling party keeping yen-weakening stimulus measures at the heart of government policy. The BSE Sensex trading higher by 65.06 points, or 0.20 per cent, at 32,455.02 at 1030 hrs.