Rupee declines by 7 paise vs dollar in late morning trade

The rupee on Tuesday slipped by seven paise to 55.30 in the late morning trade due to renewed dollar demand from banks and importers amid lower equities.

Earlier the rupee resumed higher at 55.15 per dollar as against the last closing level of 55.23 per dollar at the Interbank Foreign Exchange Market, but later hovered in a range of 55.3250 per dollar and 55.05 per dollar before quoting at 55.30 per dollar at 1100

hours.

Forex dealers said bouts of heavy dollar demand from banks and oil importers amid lower equities attributed the rupee sentiment.

In New York market, the dollar declined against the basket currencies late yesterday on trader cautiousness over next steps by the US Federal Reserve and European Central Bank.