On Monday, the rupee declined by 16 paise to trade at nearly two-month low of 55.05 against the dollar in early trade at the Interbank Foreign Exchange market due to increased demand for the US currency from oil importers.

According to the Forex dealers besides dollar’s gains against euro and yen overseas, increased demand from oil importers for the American currency and a weak opening in the stock market also put pressure on the rupee.

Moreover on Friday, the rupee fell by a exceeding 53 paise to close at nearly two-month low of 54.89 against the US dollar in the previous session.

(AW:Samrat Biswas)