The rupee pared its early gains to settle 24 paise lower at 73.56 against the US dollar on Monday due to steady capital outflows and strengthening of the American currency.
The rupee came under pressure following heavy selling in domestic equities and the crude oil breaching the $ 80 a barrel mark on geo-political worries related to killing of Saudi journalist Jamal Khashoggi.
At the Interbank Foreign Exchange, the rupee opened on a higher note at 73.36 and gained further ground to hit an intra-day high of 73.19 against the US dollar.
But it failed to hold onto the gains and fell back to settle at the day’s low level of 73.56, showing a loss of 24 paise or 0.33 per cent over the previous close.
The rupee had settled at 73.32 against the US dollar Friday.