Indian rupee fails to maintain initial gains vs dollar

Written by PTI | Mumbai | Updated: May 6 2014, 16:43pm hrs
Indian rupeeThe US dollar was subdued in Asia on Tuesday, holding largely around where it began this week. Reuters
The Indian rupee failed to maintain initial gains against the US dollar but was still quoted slightly higher at 60.20 in the morning trade on mild selling of American currency by banks and exporters.

The rupee resumed higher at 60.10 per dollar as against the overnight closing level of 60.21 at the Interbank Foreign Exchange market in view of sustained foreign capital inflows into equity market.

However, it failed to maintain initial gains and was quoted at 60.20 per dollar at 1000 hours on some dollar demand from banks.

It moved in a range of 60.10-60.22 per dollar during the morning deals.

In New York market, the dollar was little changed against major rivals yesterday as investors continued to comb through economic data and speeches from central bank officials to get a better sense of when the Federal Reserve could begin to raise interest rates.

Meanwhile, the benchmark Sensex rose by 119.26 points, or 0.53 per cent, to 22,564.38 at 1000 hours.