cuts early sharp lossesRiding on a strong surge in equity markets, the Indian rupee today pared most of the losses but still ended down by eight paise at 46.48 against the US dollar.Forex dealers attributed the fall in the rupee to short covering of dollar by exporters after the last week's steep decline in the US currency. Dealers said the rupee sentiment got a boost from robust industrial output, which grew 10.4 per cent in August strengthening signs of recovery. The rupee rose to a high of 46.39 during the day before closing at 46.48 a dollar.