The Indian rupee fell by 7 paise to quote at 46.57/58 against US dollar in late morning deals on the back of month-end dollar buying by importers amid sluggish trend in equities.
At the Interbank Foreign Exchange (Forex) market, the domestic unit had opened marginally up by 2 paise at 46.48 from Friday’s close, before being quoted at 46.57/58 in late morning deals.
Local currency had ended up by 24 paise at 46.50/51 against dollar on October 23.
The rupee was under pressure following month-end dollar demand from importers, mainly oil refiners, to meet their monthly requirements.
Further, the Indian benchmark Sensex, despite firm Asian cues, was quoting lower by over 61 points at 1030 hours, thus weighing on the rupee.