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Rupee declines

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MUMBAI: The rupee washed out initial sharp gains against the U.S. currency on Monday and even ended down at 46.5850/5950 a dollar in active trading at the inter bank foreign exchange market on heavy dollar demand from oil companies on the back of soaring world crude oil prices. Traders kept themselves sideline ahead of the U. S. Federal Reserve Open Market Committee meeting on August 8 to consider hike in the interest rate.

Resuming sharply higher at 46.42/44 against last Friday's close of 46.55/56, the Indian unit moved in a wide range of 46.4200 - 46.5950. PTI

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