The Indian rupee today eased by five paise against the American currency to 49.97/98 in morning trade on the back of mild demand from banks on behalf of oil companies.
In quiet trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed slightly higher at 49.85/86 per $ from its previous close of 49.92/94 a $ but declined afterwards to 49.97/98 at 1030 hrs, showing a marginal loss of five paise.
It moved in a range of 50.03 and 49.83 in the morning session.
Good demand for $ from oil companies mainly affected the rupee value against the $.
Oil prices were lower in Asian trade today, below $50 a barrel, after posting modest overnight gains, with the economic downturn remaining a concern for investors.
New York's main futures contract, light sweet crude for June, fell 32 cents to $49.30 a barrel, while Brent North Sea crude for delivery in June was down 43 cents to $49.68 a barrel.