PTI: Rupee steady at 49.96/98 a dollar in early trade
Mumbai (PTI): The rupee lost its initial gains and was quoted steady at 49.96/98 against the greenback during late morning trade amid a recovery in local stocks and month-end dollar demand.
The domestic currency resumed stronger at 49.77/78 a dollar from its previous close of 49.95/96 a dollar in sync with a rally in equity markets.
In an otherwise lacklustre trade at the Interbank Foreign Exchange (forex) market, the rupee later fell back to around its last closing level on fresh dollar demand from oil refiners due to the approaching month-end.
Forex dealers said oil refiners normally step up dollar purchases at the month-end for their monthly import payments.
The Indian benchmark Sensex was up 103 points or about one per cent in highly volatile trade this morning.
