Mumbai, Sept 20 : In line with the equity market, the rupee recovered some initial losses today but was still down 28 paise at 54.29 a dollar on demand for the American currency from banks and importers due to political crisis after a key ally Trinamool Congress withdrew support to the UPA government.
In the overseas forex markets, however, the dollar was weak.
The rupee resumed lower at 54.30 a dollar as against the Tuesday's closing level of 54.01 at the Interbank Foreign Exchange (Forex) Market.
The local currency hovered in a range of 54.24 and 54.42 per dollar before quoting at 54.29 at 1040hrs.
The BSE 30-stock index, Sensex, was down 97 points or 0.53 per cent at 18,398.79 at 1050hrs from Tuesday's close.
In New York, the dollar slipped against the euro and other major currencies yesterday after the US economic data boosted equities.
