Mumbai:  The rupee turned weak after a sharp gain of about 18 paise in the last three days and was quoted at 44.86/87 per dollar in morning trade today (Nov 24, 2006) on heavy dollar demand from banks and importers amid lack of inward remittances.

In active trade at the interbank foreign exchange (FOREX) market, the Indian unit resumed steady at Rs 44.68/70 a dollar from Thursday's close of Rs 44.69/70 a dollar but later dipped to a low of Rs 44.86/87 per dollar in late morning deals.

The rupee lost almost all its three-day gains in the initial thirty minutes trading.

"There was heavy dollar buying by banks as well as import coverings in the absence of any dollar inward remittances following a holiday in Hong Kong and New York for Thanksgiving Day on November 23," FOREX dealers said.

"A steady FII inflows into equity market, which showed better trend this morning, failed to arrest the rupee slide," they added.