MUMBAI: Erasing initial gains, the rupee closed 15 paise down at 49.20/21 against the American currency on Wednesday following late weakness in local stocks amid sustained dollar demand from importers.
Sustained dollar demand in view of it gaining strength overseas put pressure on rupee, while continued capital inflows kept the rupee fall under check, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the rupee commenced stronger at 48.91/92 a dollar and rose to a high of 48.8150 on initial rally in equities and sustained buying by Foreign Institutional Investors (FIIs).
