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(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 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.

Meanwhile, the Indian benchmark dropped by 236.87 points or 0.92 per cent to 25,536.74 at 1100 hrs.