Rupee fails to maintain initial gains, rules steady

Mumbai, May 7: The rupee failed to maintain initial gains against the American currency and was quoted at 60.12 per dollar in the morning trade at the Interbank Foreign Exchange market.

The rupee resumed higher at 60.02 per dollar as against the last closing level of 60.11 on initial selling of the American currency by banks and exporters.

However, it failed to maintain initial gains and dropped to 60.13 per dollar before quoting at 60.12 at 1000 hours on fresh dollar demand from banks and importers. It moved in a range of 60.00-60.13 per dollar during the morning deals.

In New York market, the British pound took a run at USD 1.70 yesterday after strong service-sector data added to speculation that the Bank of England could be forced to raise interest rates sooner than expected.

Meanwhile, the Indian benchmark Sensex was quoted lower by 49.51 points, or 0.22 per cent, to 22,458.91 at 1000 hours.

PTI