Problem running or executing a function in Postgresql

CREATE TABLE public.mydata (

id int4 DEFAULT nextval('public.mydata_id_seq'::text) NOT NULL,

name varchar(50)

) WITH OIDS;

and I have a function as follows

CREATE OR REPLACE FUNCTION insertmydata(varchar) RETURNS int

as '

declare

new_id integer;

begin

INSERT INTO mydata("name") values($1);

new_id = EXECUTE("SELECT FROM currval("mydata_id_seq")");

return new_id;

end;

'

LANGUAGE 'PLPGSQL';

when I run the function as

select insertmydata('Venkatesh')

I am getting the following error message

"ERROR:  syntax error at or near "mydata_id_seq" at character 39"

can anyone help me in solving the above problem. Am I missing something here? How should I run the function to insert data?

I am using postgresql version 7.4.6 in a linux box and running pgadmin from a Winxp PC.