The Indian rupee rose in early trade on Thursday as it drew strength from stock market gains across Asia, but ended weaker as firm oil prices pushed up dollar buying by refiners. The partially convertible rupee ended at 49.13/16 per dollar, off an early high of 48.85 and slightly weaker than Wednesday's close of 49.11/13.
"Refiners stepped up buying in the afternoon," a trader with a state-run bank said. The rupee had risen in early trade after major Asian stock markets headed higher and raised hopes for capital inflows. The rupee is down 0.9 percent this month, after having fallen 19.1 percent in 2008.