Rupee cuts losses in noon trade

The Rupee cut some losses in noon trade after a weak opening, which was trading 14 paise lower than its previous close at 76.68 a dollar.

After opening weaker at 76.74 a dollar as compared to the previous close of 76.54, the domestic unit slipped to 76.85 a dollar in early trade.

Currency traders say the rupee may slightly appreciate in the short term as the government is taking steps to revive economic activity as it lifted the nationwide lockdown partially from Monday by allowing some economic activity.

However, the medium term outlook continues to be uncertain as there is no visible signs that the Covid 19 pandemic is peaking.