Rupee trading a tad weak at 61.90…

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The rupee was trading a tad weak at 61.90 against the dollar at 3.30 pm local time on mild dollar demand from banks and importers.

After opening lower at 61.93 against yesterday’s closing level of 61.91 at the Interbank Foreign Exchange (Forex) market, the rupee moved down further to 61.95 on initial dollar demand from banks on the back of strengthening of the US currency in overseas market.

However, it recovered from initial losses and and moved in a range of 61.86 and 61.95 in the afternoon trade.

In New York, the ICE US dollar index rose yesterday to its highest level since March 2006 as the dollar rally gained momentum, spurred in part by a strong gauge of services sector growth in the US economy, ahead of a policy statement from the European Central Bank.

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