Rupee steady at 50.07/08 in early trade

Rupee steady at 50.07/08 in early trade

Mumbai: The Indian rupee was quoted steady at 50.07/08 against the dollar in early trade after the equity markets surged raising expectations of capital inflows.

In an otherwise quiet trade at the Interbank Foreign Exchange (Forex) market, the domestic currency resumed weak at 50.18/20 a dollar from its last close of 50.07/08.

But in late morning deals, the rupee bounced to 50.07/08 a dollar.

Forex dealers said the rupee drew support from a fresh surge in stocks raising hopes of some capital inflows.

They said slack demand for dollars from importers in the light of sliding global crude oil prices also aided the rupee sentiment.

Oil prices were down at $53.55 a barrel in Asian trade this morning.

Indian benchmark Sensex was quoted higher by 200 points in early trade.