Wednesday, April 12 2006 11:08 Hrs (IST) - World Time -

Mumbai: The rupee today (Apr 12, 2006) started with fresh gains against the US currency following a fall in dollar against euro, but later turned weak and was quoted sharply lower from the previous close at Rs 44.8700/8800 per dollar.

In active trading on the Interbank Foreign Exchange (FOREX) market, the Indian unit resumed the day smartly higher at at Rs 44.7850/7950 per dollar against the previous close of Rs 44.8350/8450 per dollar as the US currency weakened against other world currencies, especially against the euro on Tuesday.

However, the rupee turned sharply weak and fell during early trade to Rs 44.8700/8800 per dollar due to fresh dollar demand. There was also a steep fall in foreign institutional inflow into the Indian stock markets during the last two trading session since Friday. Similarly, the Indian currency was quoted sharply lower against the single European unit at Rs 54.5500/5700 per euro as against Tuesday's close of Rs 54.2700/2900 per euro.