Rupee ends flat against US dollar

The initial gain in Rupee was due to weak dollar against other world currencies and robust foreign portfolio investments inflows.

The Rupee on Wednesday ended flat against the US currency at Rs 44.7150/7250 per dollar in restricted trading on the Interbank Foreign Exchange (FOREX) market.

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The Indian unit opened sharply up at Rs 44.63/65 per dollar against Tuesday's close of Rs 44.71/72 a dollar but later turned weak and ended almost flat at Rs 44.7150/7250 per dollar.

The initial gain in Rupee was due to weak dollar against other world currencies and robust foreign portfolio investments inflows, but later the Indian currency fell due to fresh dollar demand.

Meanwhile, the Indian unit ended weak against the British pound and the single European unit, while it ended better against the Japanese yen.

In cross-currency trade, the Rupee opened weak against the pound at Rs 78.43/45 per pound, but later recovered marginally and ended at Rs 78.34/36, still lower than the previous close of Rs 78.00/02.

The Indian unit started on a subdued note against the single European unit at Rs 54.77/80 per euro and fell further to end at Rs 54.80/82, sharply lower than the previous day's close of Rs 54.41/43 per euro.