Rupee cut its earlier losses after the May trade deficit came in below some market estimates

The rupee cut its earlier losses on Monday after the May trade deficit came in below some market estimates although the gap was still seen as high and unlikely to provide too much comfort about the current account deficit, dealers said. The trade deficit last month was at $20.1 billion, a trade ministry official said.  Nomura had estimated the deficit at $21 billion. The rupee was trading at 57.64/66 per dollar as of 0657 GMT, down from a session low of 57.90, but still weaker than its 57.5150/5250 close on Friday. ...(More..)