Rupee holds steady at 48.56 against dollar

Indian rupee pared most of its early gains against the dollar on Monday, as demand for the US currency from importers and a state-run banks weighed.
The Indian currency had appreciated in the intraday trade as the mood remained bullish after hefty rate cuts by the central Bank.
Rupee closed at 48.56/58 per dollar, little changed from its Friday's close of 48.58/60.