<div>The rupee failed to maintain initial gains against the American currency and was quoted at 60.12 per dollar in the morning trade at the Interbank Foreign Exchange market.<br /><br />The rupee resumed higher at 60.02 per dollar as against the last closing level of 60.11 on initial selling of the American currency by banks and exporters.<br /><br />However, it failed to maintain initial gains and dropped to 60.13 per dollar before quoting at 60.12 at 1000 hours on fresh dollar demand from banks and importers.<br /><br />It moved in a range of 60.00-60.13 per dollar during the morning deals.<br /><br />In New York market, the British pound took a run at $1.70 yesterday after strong service-sector data added to speculation that the Bank of England could be forced to raise interest rates sooner than expected.<br /><br />Meanwhile, the Indian benchmark Sensex was quoted lower by 49.51 points, or 0.22 per cent, to 22,458.91 at 1000 hours.<br /><br />(PTI)</div>
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