Rupee trims initial losses, trades at 66.57 against dollar

The rupee trimmed its earlier losses against the American currency but was still quoted lower by one paise to 66.57 in late morning trade on mild demand from banks and importers on the back of higher dollar overseas.

The rupee resumed lower at 66.62 as against yesterday's closing level of 66.56 at the Interbank Foreign Exchange Market and moved down further to 66.63 on initial dollar demand from banks and importers.

Later, it trimmed its earlier losses and was quoted at 66.57 at 1100 hours, still showing a marginal loss of one paise.

It moved in a range of 66.53 and 66.63 during the morning trade.

The dollar was moderately higher against the yen in range-bound Asian trade today with investors sitting on the sidelines amid a lack of fresh trading cues.