Mumbai , July 16 After a strong start, the Indian rupee fell back to its overnight levels in early trade today amid buoyant equity markets and fresh capital inflows in the last two days.
In an otherwise quiet trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed firm at 48.50/51 a dollar against its last close of 48.63/64 a dollar and later rose to 48.45 level before falling back to 48.64/66 a dollar in late morning deals.
Dealers said the rupee lost its early gains inspite of a fresh rally in local stocks raising expectations of fresh inflows of foreign funds.
Foreign Institutional Investors, who have been apprehensive in the initial two weeks of the month, turned net buyers in the equity on July 14 and 15.
