The rupee was flat against the US dollar in the currency market after erasing early gains. At 10:40 am, the rupee was quoting at 54.36 against the US currency, almost he same level as that of Thursday.
The rupee opened higher at 54.30 a dollar and moved between 54.27 and 54.37 in Friday's session.
According to a forex dealer, higher demand from banks and importers, coupled with dollar's gains against other currency, was putting pressure on the rupee.
Despite concerns over "fiscal cliff", the dollar extended gains against the euro for the second day on Thursday.
