Rupee rules steady against dollar after initial losses

The rupee recovered from initial losses against the US dollar and was quoted barely steady at 61.91 on selling of the American currency by banks and exporters on good foreign capital inflows.
The rupee resumed lower at 61.93 as against yesterday's closing level of 61.91 at the Interbank Foreign Exchange (Forex).
It moved down further to 61.95 on initial dollar demand from banks on the back of strengthening of the US currency in overseas market.
However, it recovered from initial losses and was quoted at 61.91 on fresh selling of dollars in view of strong equity market and moved in a range of 61.89 and 61.95 during morning trade.

In New York, the ICE US dollar index rose yesterday to its highest level since March 2006 as the dollar rally gained momentum, spurred in part by a strong gauge of service-sector growth in the US economy, ahead of a policy statement from the European Central Bank.