Rupee to weaken by end of 2017 to around Rs 66/USD: report

Rupee was among best performing currencies in world over past year amid a broad-based emerging market forex rally.

Markets trade flat, Sensex, Nifty move with care

Sensex resumed higher at 31,331.21 and hovered between 31,353.46 and 31,174.24 before reading 31,203.62.

Nifty after scaling the day's high of 9,624, ended up 94.10, or 0.99 per cent, at 9,615.

Investors kept their fingers crossed ahead of the landmark tax reform GST, which is set for a midnight launch on Friday.

At the Multi Commodity Exchange, gold for delivery in August shed Rs 72 to Rs 28,536 per 10 grams.

The government claimed that the parties were in agreement on the extension of the new tax regime but with safeguards.

Dealers attributed the rupee's fall to fresh demand for the US currency and a subdued opening in domestic equities.

The gauge, after a strong opening, quickly reclaimed the 31,000-mark to hit a high of 31,097.92.

Fresh selling of the dollar by exporters and banks caused by its weakness overseas gave the rupee strength.

Investors embraced the Union Cabinet's nod for the disinvestment of national carrier Air India.