The Indian rupee reversed early gains on Thursday, succumbing to dollar demand from arbitrage trades as central bank intervention eased. After touching a high of 94.9375, the rupee turned flat, last trading at 95.2775. Traders noted fading dollar offers from state-run banks and triggered stop-losses on rupee bets after it crossed the 95 mark. Asian currencies remained rangebound, with investors awaiting the U.S. non-farm payrolls report for market direction.