The rupee dipped 20 paise to settle at 83.14 (provisional) against the US dollar on Monday, due to rising crude oil prices and a strengthening of the US dollar against other major currencies. Weakness in the domestic equity market and heavy selling by foreign institutional investors (FIIs) also contributed to the decline.

The Indian currency opened weak at 83.04 at the interbank foreign exchange market. It touched a low of 83.15 at one point during the day before settling at 83.14 (provisional) against the dollar, down 20 paise from its previous close. On Friday, the rupee had jumped 19 paise to settle at 82.94 against the dollar.

On Monday, the dollar index, which gauges the strength of the US dollar against seven currencies, rose by 0.08% to 105.67. Brent crude futures, the global oil benchmark, rose by 0.45% to USD 93.69 per barrel.

On the domestic equity market front, the BSE Sensex closed 14.54 points or 0.02% higher at 66,023.69. The broader NSE Nifty settled flat at 19,674.55.

India”s foreign exchange reserves declined by USD 867 million to USD 593.037 billion in the week ended September 15, as reported by the Reserve Bank of India.

Foreign institutional investors (FIIs) were net sellers in the capital market on Friday, offloading shares worth Rs 1,326.74 crore.