Rupee steady against US dollar

MUMBAI: Rupee remains steady against the US dollar in late morning deals amid weakness in Asian bourses and heavy capital inflows into the country.
    
In volatile trade at the Interbank Foreign Exchange (forex) market, the local currency resumed slightly lower at 39.58/60 per dollar from yesterday's close of 39.5750/5850 a dollar and later was quoted 39.57/58 a dollar in late morning deals.
    
There was little activity in forex market but the rupee activity was largely influenced by sustained and unprecedented portfolio investments in equity markets, dealers said.
    
Foreign Institutional Investors (FIIs) have poured in about US $ 4 billion since September 19 after the US Federal Reserve cut the key interest rates.