Mumbai: The rupee washed out its initial gains against the US currency and ended steady at 67.95 a dollar on fag-end dollar demand from banks and importers in view of uncertainty in the currency market.
The rupee opened sharply higher 67.77 a dollar against Monday's closing level of 67.95 at the Interbank Foreign Exchange (Forex) and moved up further to 67.71 a dollar on initial selling of dollars by banks and exporters due to weakness of dollar in the overseas market.
However, it washed out initial gains and dropped to 67.96on fag-end dollar demand from banks and importers before ending at 67.95 per dollar, showing no change from last close.
The domestic unit hovered in a range of 67.71 and 67.96 during the day. The dollar index was trading lower by 0.45 per cent against a basket of six currencies in the late afternoon trade.
The Reserve Bank fixed the reference rate for the dollar at 67.8867 and for the Euro at 75.0623.
In cross-currency trades, the rupee dropped against the pound sterling to finish at 90.76 from 89.76 on Monday and also fell against the euro to settle at 75.32 from 74.78.
While, the rupee moved up further against the Japanese yen to 66.40 per 100 yens from 66.81.
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