Mumbai: The rupee depreciated 8 paise to settle at 88.73 against the US dollar in a muted session on Monday, weighed down by elevated crude oil prices.
However, positive domestic equity markets and a soft US dollar cushioned the rupee’s downside, forex traders said.
At the interbank foreign exchange market, the rupee opened at 88.64 against the American currency, and touched an intraday high of 88.64 and a low of 88.71 against the greenback during the day.
The domestic unit finally settled for the day at 88.73, lower by 8 paise from its previous close.
On Friday, the rupee slipped 2 paise to 88.65 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.04 per cent to 99.55.
Brent crude, the global oil benchmark, rose 1.01 per cent to $64.27 per barrel in futures trading.
Meanwhile, India’s forex reserves dropped $5.623 billion to $689.733 billion for the week ended October 31, the Reserve Bank of India said on Friday.
The overall reserves had declined by $6.925 billion to $695.355 billion.