The rupee reacted downwards by 37 paise to close at one-week low of 59.72 against the American currency following fresh dollar demand from importers and some banks.
Some hesistancy in local equities also weighed on the rupee while fresh capital inflows and weak dollar overseas failed to restrict the rupee fall, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the local unit commenced higher at 59.30 a dollar from previous close of 59.35 and immediately touched a high of 59.29. However, later it fell back to a low of 59.74 before settling at 59.72, showing a fall of 37 paise or 0.62 per cent.
Last Friday, it had risen by 32 paise or 0.54 per cent.
Forex dealers mainly attributed the fall in the rupee to heavy dollar demand from importers, mainly oil refiners, to meet their month-end requirements and some banks on behalf of their clients.
The dollar index was down by over 0.35 per cent against a basket of six major global rivals.
Some hesistancy in local equities also weighed on the rupee while fresh capital inflows and weak dollar overseas failed to restrict the rupee fall, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the local unit commenced higher at 59.30 a dollar from previous close of 59.35 and immediately touched a high of 59.29. However, later it fell back to a low of 59.74 before settling at 59.72, showing a fall of 37 paise or 0.62 per cent.
Last Friday, it had risen by 32 paise or 0.54 per cent.
Forex dealers mainly attributed the fall in the rupee to heavy dollar demand from importers, mainly oil refiners, to meet their month-end requirements and some banks on behalf of their clients.
The dollar index was down by over 0.35 per cent against a basket of six major global rivals.