Rupee rules steady in early trade at 43.73/74 against dollar

Mumbai, Aug 28 (PTI) The Indian rupee was steady at
43.73/74 against the greenback in volatile trade Thursday on
alternate bouts of small buying and selling.

At the Interbank Foreign Exchange Market (Forex), the
domestic unit resumed higher at 43.70/72 a dollar from its
last close of 43.74/75 a dollar but later dropped to 43.77
level before being quoted at 43.73/74 in late morning deals.

Forex dealers said, the rupee turned weak after opening
on a promising note as oil refiners stepped up dollar demand
for their monthly import payments.

They said, the rupee, however, recovered again and was
ruling around 43.73/74 level as exporters sold dollars at
higher levels.

Meanwhile, global crude oil prices surged past USD 118
a barrel level in Asian trade this morning.