Rupee rules steady, trades at 59.16 Vs dollar in morning deals

Mumbai, Jun 3 : The rupee ruled steady at 59.16 against the American currency in morning trade today due to uneven demand and supply transactions of dollar. The rupee resumed lower at 59.17 per dollar as against the last closing level of 59.15 at the Interbank Foreign Exchange market.

It hovered in a range of 59.12 and 59.23 before quoting at 59.16 per dollar at 1000 hours. Persistent foreign capital inflows into equity market also affected the market sentiment, a forex dealer said. Meanwhile, the benchmark 30-share index Sensex rose by another 63.68 points, or 0.26 per cent, to 24,748.53 at 1000 hours.

However, in New York market, the dollar rose against the euro yesterday as disappointing German inflation data were the latest to signal the European Central Bank could be forced to ease monetary policy this week to fight low inflation.