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The rupee wiped off its losses and was trading flat at 64.06. The domestic unit opened weak by 16 paise at 64.22 against the US dollar at the interbank forex market today owing to sharp losses in equity markets.
A currency trader said increased demand for the US currency from importers and banks and persistent losses in domestic equity markets weighed on the rupee.
The rupee hovered in a range of 64.22 and 64.01 before quoting at 64.06 at 4.50 pm local time.
On Friday, the rupee had closed lower by 4 paise to 64.06 a dollar as forex traders appeared cautious in view of upward revision of fiscal deficit target and the net borrowing for the current fiscal in the Union Budget.
Foreign investors had put in USD 387 million in equity and debt markets last Friday.
Meanwhile, the S&P BSE Sensex ended lower by 309.59 points or 0.88 per cent at 34,757.16 and the Nifty50 ended down by 94.05 points or 0.87 per cent at 10,666.55 due to global sell-off and cautious stance adopted by investors ahead of RBI policy meet.
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