Rupee declines by 20 paise vs dollar

In line with fall in local equities, the Indian rupee also dropped by 20 paise to settle at 49.21/22 against the American unit, breaking two-day gaining string. Fresh dollar demand from importers, mainly oil refiners, weighed on the rupee as Geopolitical concerns in the Middle East continue be a strong factor supporting oil prices. However, capital inflows and weak dollar overseas cushioned the rupee fall. At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed lower at 49.07/08 a dollar from last close of 49.01/02 and immediately touched a high of 49.04.