Mumbai: In line with the stock market, the Indian rupee failed to maintain initial gains against the American currency and was quoted at 54.53 per dollar on fresh dollar demand from banks on the back of firm dollar overseas. The rupee resumed lower at 54.38 per dollar as against the last closing level of 54.54 per dollar at the Interbank Foreign Exchange (Foerx) Market in view of persistent capital inflows from foreign funds into equity market.
However, it failed to maintain initial gains and was quoted at 54.53 per dollar at 1040 hrs on the back of renewed dollar demand from banks. It moved in a range of 54.38 per dollar and 54.58 per dollar during the morning deals.
The Indian benchmark Sensex resumed higher at 19,475.09 and shot up further to 19,491.60, but declined afterwards to 19,217.06 before quoting at 19,220.90 at 1050 hrs, showing a loss of 170.96 points from its last close. In New York market, the US dollar rose against major currencies on Wednesday after a weak Spanish debt auction drew some attention back to the lack of resolution in Europe's sovereign debt crisis.
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