Rupee quoted steady at 53.69/dollar

Fails to retain initial gains, banks & exporters preferred to reduce dollar position on back of sustained capital inflows from foreign funds

The rupee failed to retain initial gains but was quoting steady at 53.69 against the dollar today on the selling of the American currency by banks and exporters amid sustained capital inflows from foreign funds into equity market.

The rupee resumed flat at 53.70 a dollar at the Interbank Foreign Exchange (Forex) Market, but firmed up immediately to 53.60 on some dollar demand from banks on the back of higher dollar in overseas.

However, it failed to maintain its gains and was quoted at 53.69 a dollar at 1040 hrs.

Banks and exporters preferred to reduce their dollar position on the back of sustained capital inflows from foreign funds in view of strong equity market.

The BSE 30-stock index, Sensex, was trading 155 points or 0.83% up at 18,716.45 at 1050 hrs.

In New York, the dollar moved up slightly yesterday on consumer confidence and private-sector jobs data.