The rupee failed to maintain its early gains and slipped by four paise to trade at 55.56 against the US currency on renewed dollar demand from banks and importers.
The rupee resumed higher at 55.43 per dollar against the last closing level of 55.52 per dollar at the Interbank Foreign Exchange (Forex) Market,on selling of dollars by some banks and exporters.
However,it failed to maintain early gains on fresh dollar demand from banks and moved down to 55.58 per dollar,before quoting at 55.56 per dollar at 1035 hrs.
In New York market,the euro soared the most on the dollar in a month yesterday,rallying after Mario Draghi vowed that the European Central Bank will do everything in its power to save the shared currency.
Meanwhile,the Indian benchmark Sensex was quoted higher by 228 points or 1.37 per cent at 1045 hrs.