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Paring all of its initial gains, the rupee closed flat on Thursday at 44.43/44 against the US currency due to late dollar demand from importers, in tandem with local equities amid increased capital outflows. The domestic currency opened strong at 44.29/30 a dollar from its last close of 44.43/44 and immediately touched a high of 44.25 in line with early rebound in equities.
However, fall in local shares pulled it down to settle at overnight closing level of 44.43/44. The Reserve Bank of India has fixed the reference rate for the dollar at Rs 44.33 and the euro at Rs 65.78. The rupee dropped further against the pound sterling to end at Rs 74.00/02 from Wednesday's close of Rs 73.57/59 and remained weak against the euro to Rs 65.77/79 from Rs 65.20/22 in the previous session. It, however, fell back against the Japanese yen to Rs 54.38/40 per 100 yen from its last close of Rs 54.05/07.
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