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Mumbai, July 13 (PTI) The Indian rupee pared initial losses to end flat at 46.76/77 against the US dollar today amid a late revival in domestic equities on the back of foreign capital inflows. Forex dealers attributed the early loss in rupee value to persistent demand for dollars from banks in view of the overnight rise in the New York market. However, continued buying by foreign funds in equities supported the rupee in the later part of the day, helping it to erase its losses. At the Interbank Foreign Exchange, the local currency opened lower at 46.90/91 per dollar against yesterday''s close of 46.77/78 a dollar following early weakness in stocks. It touched a low of 46.95 in afternoon trade as the BSE benchmark Sensex dipped by 81 points following IT bellwether Infosys Technologies disappointing first quarter results. However, stocks rebounded towards the end of trade on good buying support in realty and refinery counters, which helped the rupee erase its losses. The Sensex finished up by 48.70 points, or 0.27 per cent, while the rupee ended without any change at 46.76/77 against the American currency. The rupee premium for the forward dollar ended better on fresh paying pressure from banks and corporates. The benchmark six-month forward dollar premium payable in December rose to 85-87 paise from 84-1/2-86-1/2 paise on Monday and far-forward maturing in June also edged up to 143-145 paise from 141-143 paise previously. In the New York market, the dollar advanced against most major currencies yesterday, regaining some ground against the euro. However, the dollar was flat against its major rivals in London today. Meanwhile, global crude oil was trading above USD 75 a barrel in London today. The Reserve Bank of India fixed the reference rate for the dollar at Rs 46.93 and for the euro at Rs 58.90. In cross currency trade, the domestic unit fell against the pound sterling and the euro and also moved down against the Japanese yen. The rupee reacted downwards against the pound to end at Rs 70.60/62 per pound from Monday''s close of Rs 70.29/31 and also eased against the euro to Rs 58.84/86 per euro from 58.80/82 previously. It remained weak against the yen to finish at Rs 52.99/53.01 per 100 yen from its last close of Rs 52.84/86. PTI VMP SBP ARV.
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