Rupee cuts down losses, but still lower vs dollar at 64.45

Mumbai : The rupee pared its initial losses, still down by 5 paise at 64.45 against dollar, because of demand of the US currency from importers and banks.

Dollar's overseas strength prevailed, too.The domestic unit opened lower as against yesterday's closing level of 64.40. It slid further to 64.56 before hitting 64.45 at 1030 hours.The domestic unit hovered between 64.56 and 64.43."A rising dollar and weak domestic equities affected rupee sentiment," a dealer said.

The US dollar stood near a four-week high against a basket of currencies in early Asian trade after strong US wholesale price figures kept the Federal Reserve on track for a widely-expected rate rise this week and more in 2018.The BSE Sensex is trading lower by 51.15 points, or 0.15 per cent, at 33,176.84.