The Indian rupee turned weak after a promising start and ruled steady against the US dollar in the morning trade today amid mild demand for American currency and strong equity markets.
In lacklustre activity at the Interbank Foreign Exchange (forex) market, the domestic currency resumed higher at 48.60/61 a dollar against its last close of 48.66/68 a dollar but later came under pressure and was quoted at 48.68/69 a dollar in late morning deals.
Forex dealers said the rupee pared early gains as some importers bought dollars in early trade.
They shared that the rupee was well supported by a surge in local stocks this morning.
Indian benchmark Sensex was up more than 200 points or 1.4 per cent in early trade.
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