Rupee loses 23 paise against dollar

Month-end dollar demand from oil companies and persisting selling by foreign funds in stocks dragged the rupee down by 23 paise to 63.51 at close against the US currency on Wednesdsay. At the forex market, the rupee commenced lower at 63.43 from its previous close of 63.28. It soon logged a high of 63.37, but dollar demand from importers, mainly oil refiners, to meet their month-end requirements pulled down the local currency to 63.56, before concluding the day at 63.51.