July 21 (Bloomberg) -- India’s rupee fell on speculation some importers sold the currency after it climbed yesterday by the most in almost two months. The currency retreated from a two-week high as refiners probably stocked up on dollars at a cheaper rate to pay for imports, betting a global economic recovery will drive crude oil prices higher. The commodity has risen 43 percent this year and Asia’s third-largest economy depends on imports to meet about 70 percent of its annual energy needs. “There is persistent dollar demand from refiners because they perceive the supply is going to be thin,” said Sudarshan Bhatt, chief currency trader at state-owned Corporation Bank in Mumbai. The rupee fell 0.3 percent to 48.36 per dollar as of 10:31 a.m. in Mumbai, according to data compiled by Bloomberg. It is the worst performer this month among the 10 most-active currencies in Asia outside Japan, with a 0.9 percent loss. Offshore forward contracts indicate traders predict the rupee will decline to 48.40 in a month, compared with expectations for a rate of 48.25 yesterday. Forwards are agreements in which assets are bought and sold at current prices for future delivery. Non-deliverable contracts are settled in dollars and are used for currencies that aren’t freely convertible. To contact the reporter on this story: Anoop Agrawal in Mumbai at aagrawal8@bloomberg.net.

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