Rupee steady against US dollar in early trade

Buoyed by firm equity markets, the rupee ruled steady against the US currency after touching a high of 44.08 in early trade on Monday. In lacklustre trade at the Interbank foreign exchange (forex) market, the Indian unit resumed steady at 44.12/14 per dollar from Friday's close of 44.11/12 a dollar and later firmed up to 44.08 level as exporters resorted to selling dollars on the back of firm equity markets. However, it again fell back to 44.12/13 level during late morning deals on expectations of sustained Foreign Institutional Investment (FII) inflows. The activity was at a low ebb and the rupee remained steady at last weekend levels, a forex dealers said. Traders were cautious on fears of the central bank intervention if the rupee strengthened further.
SOURCE : THE TIMES OF INDIA