Mumbai: Rupee failed to maintain its initial gains against US currency this morning and was down four paise to 63.45 per dollar on fresh demand for the greenback from banks and importers amid a sharp fall in equity markets.

The rupee resumed higher at 63.37 per dollar as against the last closing level of 63.41 per dollar at the Interbank Foreign Exchange (Forex) Market and moved up further to 63.3450 on initial dollar selling from banks.

However, it failed to maintain its early gains and was quoted at 63.45 per dollar at 1000 hrs on fresh dollar demand from banks and importers.

It hovered in a range of 63.3450 and 63.46 per dollar during the morning trade.

In New York market, the euro stabilised yesterday during North American morning trade after falling to its lowest level in nine years despite a weak reading on German inflation for December, as investors bought euros to lock in profits.

Meanwhile, the Indian benchmark Sensex dropped by 465.65 points or 1.67 percent to 27,376.67 at 10:00 AM.

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