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The rupee ended seven paise lower at 59.11 to the dollar against the previous close of 59.04 on the back of month end dollar demand from oil importers. In intra-day trade, the domestic unit touched a high of 58.93 and a low of 59.13.
Forex dealers said gains in other Asian currencies against the US dollar in the overseas market helped the currency in early morning trade, but the rupee shed its gains as the domestic equity market ended flat. Market investors will keenly watch the RBI’s monetary policy scheduled for early next week. RBI Governor Raghuram Rajan has hinted at a hawkish policy stance, indicating that it will target inflation.
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