The rupee pared its initial gains and settled for the day 5 paise lower at 83.50 (provisional) against the US dollar on Monday, weighed down by elevated crude oil prices.
Forex traders said a weak trend in domestic equities also dented investor sentiments.
At the interbank foreign exchange, the local unit opened at 83.43, then touched an intra-day high of 83.42 and a low of 83.50 against the greenback. The rupee finally settled at 83.50 (provisional) against dollar, registering a fall of 5 paise over its previous close.