Mumbai: The rupee erased gains after rising to its highest in more than a week on Monday, on customary month-end dollar demand from refiners.
At 2:10 pm, the partially convertible rupee was at Rs48.14/15 per dollar, off an intraday peak of Rs47.98, its highest since 17 June, and slightly weaker than its previous close of Rs48.10/11.
Oil, India’s biggest import, rose above $69 a barrel on Monday. Oil refiners step up dollar purchases towards the end of every month to meet import commitments.
The rupee had strengthened earlier, tracking higher local equities on Monday.