Rupee trims initial losses, still down by 8 paise

The rupee weakened by 24 paise to quote at 66.88 against the dollar in early trade on Monday at the Interbank Foreign Exchange market on month-end demand for the American currency from importers and banks.

The dollar was firm against some global currencies, boosted by optimism over the US economy after gross domestic product figures were revised upwards which also weighed on the rupee, dealers said.

However, they said a higher opening of the domestic equity market capped the losses.

On Wednesday, the local currency ended 7 paise higher at 66.64 on fag-end selling of dollars by banks and exporters in view of persistent foreign capital inflows into equity market.

Forex market remained closed on Thursday and Friday for "Holi" and "Good Friday", respectively.