Rupee rules steady, trades at 59.16 vs dollar

Mumbai: The rupee ruled steady at 59.16against the American currency in morning trade due to uneven demand and supply transactions of dollar. The rupee resumed lower at 59.17 per dollar as against the last closing level of 59.15 at the Interbank Foreign   Exchange market.   It hovered in a range of 59.12 and 59.23 before quoting   at 59.16 per dollar.

Persistent foreign capital inflows into equity market also affected the market sentiment, a forex dealer said. Meanwhile, the benchmark 30-share index Sensex rose by another 63.68 points, or 0.26 per cent, to 24,748.53. However, in New York market, the dollar rose against the euro ,as disappointing German inflation data were   the latest to signal the European Central Bank could be forced   to ease monetary policy this week to fight low inflation.