The rupee failed to maintain initial gains against the US dollar but was still quoted slightly higher at 60.20 in the morning trade on mild selling of American currency by banks and exporters.

The rupee resumed higher at 60.10 per dollar as against the overnight closing level of 60.21 at the Interbank Foreign Exchange market in view of sustained foreign capital inflows into equity market.

However, it failed to maintain initial gains and was quoted at 60.20 per dollar at 1000 hours (IST) on some dollar demand from banks.

It moved in a range of 60.10-60.22 per dollar during the morning deals.

In New York market, the dollar was little changed against major rivals on Monday, as investors continued to comb through economic data and speeches from central bank officials to get a better sense of when the Federal Reserve could begin to raise interest rates.


Rupee up 10 paise against dollar May 6, 2014

More In: Markets | Business