The rupee today dipped by 14 paise to end at 60.07 against the American currency on fresh dollar demand from banks and importers, amid weak local equities.
Fresh capital outflows from foreign funds also affected the value of rupee against the US dollar, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced lower at 59.95 from last Friday's close of 59.93.
It dropped further to a low of 60.2050 before concluding at 60.07, showing a fall of 14 paise or 0.23 per cent.
The rupee moved in a range of 59.90 per dollar and 60.2050 per dollar during the day.
The benchmark S&P BSE Sensex today moved down by 17.37 points, or 0.07 per cent. FIIs were net sellers of Rs 723.48 crore on last Friay as per provisional data from exchanges.
The dollar index was down by 0.07 per cent against its major global rivals.
Pramit Brahmbhatt, Veracity Group CEO said, the rupee started on a weak note due to some dollar demand from oil marketing companies.
"Even though the WPI data is at four-month low, the local equity market are traded negative. The trading range for the spot USD/INR pair is expected to be within 59.60 to 60.60," he added.
