MUMBAI: The Indian rupee fell on Monday as a slight recovery in the US dollar and strong dollar demand from local companies blunted positive cues that boosted equity indexes to record highs.

The rupee closed at 83.3650 against the US dollar, weaker by 0.09% compared to its close at 83.2875 in the previous session.

While the rupee opened higher at 83.26, the gain faded as local corporates rushed to pick up dollars, a foreign exchange trader at a foreign bank said.

There were a “lot of buying orders (for dollars) between 83.26-83.27,” the trader added.

Asian currencies were mostly higher on Monday but the off-shore Chinese yuan fell 0.2%. The dollar index was last quoted higher at 103.43.