MUMBAI: The rupee pared initial gains and settled for the day in the negative territory, down 23 paise at 85.73 (provisional) against the US dollar on Monday, on weak domestic equities and a bounce back in crude oil prices.
Forex traders said the rupee opened in the positive on improved global risk sentiments, however, a negative trend in domestic equities dented investor sentiments and dragged down the local unit.
At the interbank foreign exchange, the rupee opened at 85.48 against the US dollar and witnessed an intra-day high of 85.44 and low of 85.77 before settling at 85.73 (provisional), down 23 paise from its previous close.
