Rupee steady versus dollar in morning trade

Rupee steady versus dollar in morning trade


Mumbai: The rupee showed a steady trend on 12 October after resuming on a promising note against the US currency, affected by weakness in Asian equity markets.

In dull trade at the Interbank Foreign Exchange (forex) market, the local currency resumed higher at 39.28/30 a dollar from the last close of 39.30/31, but later came under pressure and was quoted at 39.32/33 a dollar in late morning deals.

The rupee shed initial gains and showed signs of weakness following a sharp fall in value of shares this morning.

The benchmark Sensex tumbled by about 178 points in early trade after a strong three-day rally.

The activity was at low ebb in the absence of any major market moving factor, forex dealers said.