The Indian rupee on Monday snapped a six-session rally that had taken it to five-month highs, pulled down by importer and corporate demand for the dollar, wariness of central bank intervention and a choppy share market. The partially convertible rupee ended at 47.28/30 per dollar, 0.4 percent weaker than Friday's close of 47.11/12. The rupee rose 4.9 percent last week, its biggest weekly gain in 13 years, after the Congress-led coalition's resounding election win raised expectations for economic reforms and greater foreign investment. "There was decent dollar buying by a large corporate today. Also, slight dollar strength combined with equity weakness led to short-covering," said Madhusudan Somani, head of foreign exchange trading at Yes Bank. "I think we won't break 47 very soon, (we'll) see some consolidation here as there is RBI buying at lower levels," he added.

Source