Rupee lets go of gains, trades flat at 63.76

The Indian rupee gave up its early gains and was trading almost flat at 63.76 against the US currency in late-morning deals on Thursday on bouts of dollar selling by banks and exporters amid persistent foreign capital inflows into the domestic equity market.

The rupee resumed barely weak at 63.78 as against its previous closing of 63.75 at the Interbank Foreign Exchange market.

It moved in a range of 63.72 and 63.78 during the morning deals before quoting at 63.76 at 1030 hours.

The US dollar index was down 0.09 per cent to 97.81 in early trade.

In New York, the dollar closed the session just below a two-month high against the yen yesterday after a gauge of service sector growth from the Institute for Supply Management rose to its highest level in 10 years.

Oil prices hit multi-month lows yesterday after a surge in gasoline stock in the US as the summer season, which sees highest demand for motor fuels, neared its end.