Rupee trims initial gains, rules steady at 59.32

Uneven demand and supply transactions of dollars supported the rupee

In a restricted trade, the rupee ruled steady at 59.32 against the American currency in the morning trade due to uneven demand and supply transactions of dollars.

The rupee resumed higher at 59.27 per dollar as against the last closing level of 59.33 at the Interbank Foreign Exchange market on mild selling of dollars by banks and exporters.

However, it failed to maintain initial gains and was quoted at 59.32 per dollar at 1000 hours.

It moved in a range of 59.24 and 59.33 per dollar during the morning trade.

In New York market, the dollar rose against the euro yesterday as investors looked ahead to a European Central Bank decision that's likely to inject stimulus into the euro-zone economy in an effort to fight persistently low inflation.

Meanwhile, the benchmark Sensex dropped by 103.45 points, or 0.42%, to 24,702.38 at 1000 hours.