Rupee drops 11 paise against US dollar to 65.00

TIL Desk/Business/Mumbai/ The rupee pared its initial gains to slip 11 paise to 65.00 against the American currency in late morning deals, following a sudden bout of dollar demand from importers and banks amid lower equities.

The rupee opened a tad higher at 64.88 per dollar as against yesterday’s close of 64.89 at the inter-bank foreign exchange here.

The domestic unit witnessed volatility and hovered between a high of 64.86 and a low of 65.06 in morning deals. It was trading at 65.01 at 1130 hrs.

Meanwhile, the US dollar struggled against the yen and other major currencies in early Asian trade after the sudden dismissal of US Secretary of State Rex Tillerson erased an earlier bounce in the currency.

The 30-share BSE Sensex trading lower by 199.11 points or 0.59 per cent at 33,657.67.