Rupee erases gains against dollar; steady at 54.36

The rupee erased initial gains and was quoting steady at 54.36 against the dollar oday on fresh demand for the American currency from banks as it strengthened in the overseas forex markets.

The rupee resumed stronger at 54.30 a dollar as against the last closing level of 54.36 at the Interbank Foreign Exchange (Forex) Market. It moved between 54.27 and 54.37 before quoting at Thursday's closing level at 1040hrs.

Renewed dollar demand from banks and importers on the back of stronger dollar in the global market affected the rupee value against the dollar, a forex dealer said.

In New York, the dollar extended gains for the second day yesterday amid concerns over the US 'fiscal cliff' and Europe's debt crisis, which pulled down the euro.