MUMBAI:
The Indian currency on Monday depreciated against the U.S. dollar and closed at 44.16/17 a dollar on suspected central bank intervention amid steep fall in equity markets.
Fresh dollar demand from oil refinery companies and steep fall in equity markets also played an important role to boost dollar sentiment, forex dealers said.
In active trading at the interbank foreign exchange market, the Indian rupee opened lower at 44.13/15 and later fluctuated in a wide range of 44.08 and 44.18.
It concluded at 44.16/17, down from last weekend's close of 44.1250/1350.
It had touched a 1-1/4-year high of 44.02 last Friday but failed to breach the 44-level.
According to some dealers, the Reserve Bank played an important role by buying dollar to stem the rupee's sharp appreciation.
PTI
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