The Indian rupee was pulled from three-month peaks on Monday by a fall in shares and on demand for the US dollar from importers and oil refiners, with upcoming election results keeping traders cautious. The partially convertible rupee closed at 49.52/53 per dollar, 0.5 percent weaker than its Friday's close of 49.285/295.
In early trade, the rupee climbed as high as 49.05, its strongest since February 17. "The rupee was largely following the share market today, there was some demand from importers, but no specific (dollar) buyers seen in the market," a senior dealer with a state-run bank said. One-month offshore non-deliverable forward rupee contracts were quoting at 49.52/62, similar to the onshore spot closing rate.