On Dollar demand by Indian oil importers, the Indian Rupee closed flat against US currency.

The Indian unit that climbed up to 40.53 in the morning session gave up its advances on intense Dollar demand by Indian oil importers. Furthermore, foreign monetary funds also ramped up Dollar positions today further assisting the US currency in opposition to Rupee.

In the morning trade, the Rupee was driven by recovery in equity markets and Dollar sale by exporters.

In addition, figures has also discovered that the RBI has purchased USD 3.19 billion in intervention in June, carrying its Dollar buyouts to USD 26.7 billion thus far in 2007. The central bank is likely to step in currency market further to uphold export competitiveness.

The Rupee finished at 40.625/635 a Dollar; still off by intra-day high of 40.53, which is near to its previous close of 40.635/645.