Rupee ends five paise weak against dollar

MUMBAI: The rupee on Monday declined by five paise to close at 44.40/41 against the US dollar on month-end dollar demand.

At the Interbank Foreign Exchange ( Forex) market, the rupee opened weak at 44.40/41 a dollar from last weekend's close of 44.35/36.

It settled the day at it's opening level of 44.40/41. Forex dealers said that the main reason behind the fall in the rupee value was month-end dollar demand from importers, mainly oil refiners, to meet their monthly requirements, he added.

However, firm equities amid a weak dollar overseas capped the rupee fall, they added.

Alpari Financial Services (India) CEO Pramit Brahmbhatt,"Today the Rupee traded range bound to slightly weak against dollar. Local equities closed up by 0.8 per cent which capped the dollar gain."

The dollar index was quoting lower by 0.09 per cent against a basket of currencies while New York crude oil was trading below USD 99 a barrel in European market today.

Meanwhile, the Bombay Stock Exchange benchmark Sensex today rallied by 149 points to a two-week high of 18,871.

Foreign Institutional Investors (FIIs) pumped in USD 118.25 million last Friday as per SEBI data.