MUMBAI: The rupee pared its initial losses, but was still down by 5 paise at 63.47 against the American currency in late morning trade on dollar demand from banks and importers. 

The rupee opened lower at 63.54 against last Thursday's closing of 63.42 at the Interbank Foreign Exchange market; it slid further to 63.59 before quoting at 63.47 at 1100 hrs. 

It hovered in the range of 63.59 to 63.46 during morning deals. 

Overseas, In New York, the dollar was slightly firm against a basket of major currencies amid thin early trade as several key financial centers shut for holidays.  Meanwhile, BSE Sensex was trading higher by about 71.26 points or 0.26 per cent at 27,561.85 in late morning trade.

In New York the dollar started the week on the defensive in early trade after more disappointing US economic data reinforced expectations the US Federal Reserve will not hike interest rates any time soon, while concerns about Greece’s ongoing debt talks pressured the euro.

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