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The rupee pared its initial gains and settled for the day 5 paise lower at 83.50 (provisional) against the US dollar, weighed down by elevated crude oil prices.
Forex traders said a weak trend in domestic equities also dented investor sentiments.
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At the interbank foreign exchange, the local unit opened at 83.43, then touched an intra-day high of 83.42 and a low of 83.50 against the greenback. The rupee finally settled at 83.50 (provisional) against dollar, registering a fall of 5 paise over its previous close.
On Friday, the rupee inched up 1 paisa to settle at 83.45 against the US dollar.
Forex traders said US dollar demand from importers and a recovery in…
