Moving in line with the equity market, the Indian rupee failed to maintain initial gains against the US dollar at the Interbank Foreign Exchange this morning and was quoting just one paise higher at 1030 hours.
In restricted trading, the Indian rupee opened slightly higher at Rs 44.82/83 per dollar as against yesterday's close of 44.84/85 per dollar and moved up further to Rs 44.75 per dollar on selling of dollars by banks and corporates in view of the fall of the dollar in New York, before quoting at Rs 44.83/84 per dollar at 1030 hours.
It moved in a range between 44.75 and 44.85 per dollar in morning deals.
In the New York market, the US dollar extended its decline against the euro in afternoon trading yesterday following remarks by Greece's newly appointed finance minister that Greece must pass its latest austerity plan a few weeks earlier than analysts have been expecting.
Meanwhile, Sensex failed to maintain earlier gains and was trading flat at 1130 hours.
