Rupee diminishes initial gains vs dollar, still up 13 paise

In line with equity market, the Indian rupee failed to maintain its initial gains against the American currency, but was still quoted higher by 13 paise to 53.06 per dollar in the late morning trade on selling of dollars by banks amidst weakness of dollar overseas.

In line with equity market, the Indian rupee failed to maintain its initial gains against the American currency, but was still quoted higher by 13 paise to 53.06 per dollar in the late morning trade on selling of dollars by banks amidst weakness of dollar overseas.

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The rupee resumed higher at 53.02 per dollar as against the last weekend's level of 53.19 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to a high of 52.93 per dollar on persistent foreign capital inflows.

However, it failed to maintain its initial gains and dropped to 53.06 per dollar at 1040 hrs.

It moved in a range of 52.93 per dollar and 53.07 per dollar during the morning deals.

In New York market the euro surged against the dollar on Friday following data showing the US economy created fewer jobs than expected and a rise in the unemployment rate for January.

Foreign institutional investors (FIIs) bought shares worth Rs 763.28 crore on last Friday, as as per provisional data from the stock exchanges.