Tracking stock markets, the
Indian rupee closed down by 18 paise at 50.30/31 against the US dollar due to fag-end demand from banks and importers.
The rupee resumed higher at 49.94/95 per dollar at the Interbank Foreign Exchange (Forex) market and touched a high of 49.90. It had closed at 50.12/13 on Friday.
However, the early gains could not be maintained and the local currency settled lower at 50.30/31 per dollar.
The dollar index was up by over 0.5 per cent against a basket of currencies, while global crude oil was trading below $98 a barrel in the European market today.
Forex dealers said rupee fell because there was a strong demand for the US dollar from banks and importers, particularly oil refiners.
Meanwhile, stock markets traded bearish and closed on a weak note. The Bombay Stock Exchange benchmark Sensex closed at 17,118.74, down 74.08 points.
The rupee premium for the forward dollar finished higher on fresh paying pressure from banks and corporates.
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