The Indian rupee erased all intraday gains to end almost steady on Wednesday, dragged down by strong overseas dollar and weak local stocks. The partially convertible rupee ended at 46.90/91 per dollar, after rising to 46.82 earlier, and stronger than its 46.91/92 close on Tuesday when it had hit 46.98, its weakest since August 12.
The index of the dollar against six majors reversed its earlier downward trend to trade 0.4 percent higher. The yen pulled back from 15-year highs against the dollar on Wednesday on speculation Japanese authorities may take active steps to stem the currency's rise. The euro also came off its session high against the dollar of $1.2725 and was at $1.2621 around local market closing time. One-month offshore non-deliverable forward contracts were quoted at 47.10, weaker than the onshore spot rate, suggesting a bearish near-term outlook.
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