Rupee rules steady against dollar in late morning

The rupee was quoted steady against the American currency in the late morning session at 66.94 on stray demand for dollar from banks and importers.
The rupee resumed lower at 66.95 per dollar as against the yesterday's closing level of 66.87 per dollar at the Interbank Foreign Exchange (Forex) Market and moved in a range of 66.88 and 66.96 per dollar before quoting at 66.94 per dollar at 1100 hrs, still showing a loss of 7 paise or 0.10 per cent.
The dollar was a tad lower against the yen in Asian trade today after unexpectedly upbeat Japan economic growth figures diminished investors' hopes for further easing from the Bank of Japan.

Early in the session, the US currency was drifting lower as Japan's upbeat gross domestic product data for January-March hurt hopes that the government would implement fresh fiscal and monetary stimulus.
In the meantime, country's exports turned positive after
18 months in June, recording a growth of 1.27 per cent, pushed up by increase in shipments of agri commodities, pharmaceuticals and engineering goods.

The merchandise exports totalled USD 22.57 billion as against USD 22.28 billion in the same month last year.
Rising exports and decline in imports also brought down the trade deficit in June to USD 8.11 billion as against USD 10.82 billion in the year-ago month.

Foreign portfolio investors (FPIs) bought securities worth Rs 4,061.22 crore last week as per Sebi's record including the provisional figure for July 15.
In worldwide trade, the US dollar traded in a remarkably tight range despite robust macro data outcome and record high for equities, as calm returned to the currency market after a failed weekend coup in Turkey.
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.06 per cent at 96.64 in early trade.
Crude prices edged lower in Asian trade on easing concerns over supply disruption as investors digested the news that a military coup that broke in Turkey over the weekend has failed.

In the forward market, premium for dollar moved down on mild receivings from exporters.
The benchmark six-month premium for December softened to 181-181.75 paise from 182.5-183.5 paise and forward June 2017 contract also fell to 379.25-379.75 paise as compared to 381.5-382.5 pasie last weekend.
Meanwhile, the flagship benchmark sensex dropped further by 89.84 points to end at 27,746.66 due to sustained profit-taking ahead of earnings season. The broder Nifty also lost nearly 33 points to settle at 8,508.70.