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The rupee gave back most of its initial gains in tandem with local equities and settled almost flat at 64.53 against the US currency following fag-end dollar demand from importers and banks. An early rally in domestic stocks amid increased capital inflows helped the rupee resume firmly higher at 64.48 from last Friday’s close of 64.52 at the Interbank Foreign Exchange (forex) market. The domestic currency gained further ground to hit an intra-day high of 64.40 amid smooth supply of dollars, but later fell back sharply in late afternoon deals to 64.54 before ending 1 paise lower at 64.53 to the dollar.
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