Mumbai : The rupee weakened by 65 paise to close at nearly 11-month low of 62.94 against the US dollar due to heavy dollar demand from importers amid falling crude oil prices. A stronger US dollar in global markets ahead of the US Fed’s meeting starting tomorrow also weighed on the domestic currency, dealers said.

A sudden gust of dollar demand from importers, mainly oil refiners, after global crude oil prices fell to near USD 62 a barrel weighed on the domestic unit which dropped to a low of 62.95 in day trade.

Later, the rupee settled at 62.94, showing a fall of 65 paise — the biggest fall in last four months — or 1.04 per cent.  Previously, it had settled at 63.10 on January 27, 2014.

The Indian benchmark BSE Sensex, which was down by over 245 points at initial stages, recovered and closed slightly lower by 31.12 points or 0.11 per cent.

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