Rupee rules steady vs dollar in late morning trade

Besides, a higher opening in the domestic equity market on foreign funds inflows also supported the rupee, traders said. File Photo: G. Ramakrishna

In lacklustre trading activity, the Indian rupee ruled almost steady against the American currency in the late morning deals at 54.76 per dollar.

The rupee resumed a notch higher at 54.76 per dollar as against the last weekend’s level of 54.77 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 54.75 per dollar and 54.85 per dollar before quoting at the same opening level of 54.76 per dollar at 1050 hrs.

Persistent capital inflows from foreign funds into equity market partly affected the rupee sentiment against the dollar, a Forex dealer said.

Foreign institutional investors (FIIs) bought shares worth a net Rs 833.40 crore on last Friday as per provisional data from the stock exchanges.

The Indian benchmark Sensex eased by 2.16 points, or 0.01 per cent, to 19,442.68 at 1100 hrs.

Asian stocks sat mostly lower in the early trade amid concerns about the US fiscal cliff.