Rupee edges up 7 paise vs dollar in late morning deals

The rupee inched up by seven paise to 62.61 against the American currency in late morning trade today on mild selling of dollars by banks. The currency resumed lower at 62.70 per dollar as against last weekend's level of 62.68 at Forex Market.

The rupee inched up by seven paise to 62.61 against the American currency in late morning trade today on mild selling of dollars by banks.

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The Indian unit resumed lower at 62.70 per dollar as against last weekend's level of 62.68 at the Interbank Foreign Exchange (Forex) Market.

It moved in a range of 62.56-62.72 per dollar before quoting at 62.61 per dollar at 10:45am.

Initially, there was dollar demand from banks and importers in view of strong US currency in overseas market.

In New York, the US dollar gained against the euro and British pound on last Friday, but fell against the yen as investors focused on the emerging-markets fears spreading across the globe.

Concerns about slowing global growth and reduction of monetary stimulus from the Federal Reserve, combined with country-oriented issues such as political turmoil, have made investors wary of riskier assets such as stocks in recent sessions, according to experts.

Meanwhile, the 30 share BSE index Sensex dropped 81.70 points or 0.40% to 20,432.15 at 10.45am.