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Rupee steady

MUMBAI JAN. 6. The rupee failed to maintain its initial firmness on the interbank foreign exchange market here today, but managed to close steady at the previous level. At the onset, the Indian unit was a bit stronger due to persistent dollar selling by exporters and increased inflow of foreign funds. However, later in the day demand for dollar was so strong that it wiped out part of the rupee's initial gains, they said.

Local dollar supply failed to meet the fresh demand by banks, which also affected the rupee sentiment, dealers said. The rupee resumed better at 45.6100/6200 a dollar and after moving between 45.6100 and 45.6350, ended at 45.6250/6350, showing hardly any change from the previous close of 45.6250/6300.

In cross currency deals, the rupee declined further against the British pound sterling, the euro and the Japanese yen. — PTI

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