The rupee on Monday declined by 5 paise to close at 44.40/41 against the U.S. dollar on month-end dollar demand.

At the Interbank Foreign Exchange (Forex) market, the rupee opened weak at 44.40/41 a dollar from last weekend’s close of 44.35/36.

It settled the day at its opening level of 44.40/41.

Forex dealers said that the main reason behind the fall in the rupee value was month-end dollar demand from importers, mainly oil refiners, to meet their monthly requirements, he added.

However, firm equities amid a weak dollar overseas capped the rupee fall, they added.

The dollar index was quoting lower by 0.09 per cent against a basket of currencies while New York crude oil was trading below $99 a barrel in European market on Monday.

Meanwhile, the Bombay Stock Exchange benchmark Sensex on Monday rallied by 149 points to a two-week high of 18,871.

Foreign Institutional Investors (FIIs) pumped in $118.25 million last Friday as per SEBI data.

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