Rupee fails to maintain initial gains vs dollar, down 10 paise

The rupee failed to maintain initial gains against the US dollar and was down 10 paise at 55.90 on fresh demand for the American currency from banks and its firming in the overseas market.

The rupee failed to maintain initial gains against the US dollar and was down 10 paise at 55.90 on fresh demand for the American currency from banks and its firming in the overseas market.

The rupee resumed higher at 55.75 per dollar as against 55.80 at the Interbank Foreign Exchange (Forex) market on mild selling of dollars from banks.

However, it washed out its earlier gains and fell to 55.92 per dollar before quoting at 55.90 per dollar at 1100hrs on fresh dollar demand from banks on the back of higher dollar in New York market.