Rupee remains steady in early trade

Rupee remains steady in early trade

Mumbai: The rupee was steady at its overnight closing levels against the greenback in early trade on Tuesday amid consolidating equity markets and absence of any market moving factors.

In lacklustre activity at the Interbank Foreign Exchange (forex) market, the domestic currency resumed at Rs49.00/49.01 a dollar from its previous close of Rs48.99/49.00 a dollar and later ruled steady at Rs48.98/99 a dollar in late morning deals.

Forex dealers said the activity was at a low ebb during early trade as investors remained sidelined after the 100 basis points cut in repo rate by the Reserve Bank of India on Monday.

The Indian benchmark Sensex on Monday morning surged further by 106 points at 10:30am, while Asian indices were trading narrowly mixed.