The rupee closed almost flat at 74.84 against the US currency on Tuesday despite steller gains in equity markets and stable oil prices.Analysts said month-end dollar demand from gold importers and forex outflows restricted gains in the local unit. Investors are also awaiting the outcome of the two-day policy meeting of the Federal Reserve that will conclude on Wed, they said. At the interbank forex market, the rupee witnessed high volatility and touched an intra-day high of 74.71 and a low of 74.90 against the US dollar. The rupee finally closed at 74.84 against the US dollar, down by just 1 paisa over its last close of 74.83.Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.25 % to 93.90. “Rupee is not responding to the dollar weakness since last couple of days amid month-end dollar demand from gold importers ahead of festive season,”HDFC Securities Deputy Head Retail Research Devarsh Vakil said adding that so far this month, dollar index has declined 3.5% while the rupee has appreciated only 0.9%.