USD/INR closed at 73.5550 against its close at 73.30.Dollar extended gains during early evening trade Monday as local stock tanked, leading importers to start paying in the forward market.
Local stocks opened higher Monday as risk appetite improved on hope China may introduce stimulus, helping offset geopolitical concerns over Saudi Arabia, Italy and Brexit.
Meanwhile, dollar demand from oil importers would keep the rupee from appreciating further as importers try to shore up their oil reserve ahead of US sanction on Iran comes into effect on Nov 4.
Brent crude oil prices inched upwards to trade at $79.99 a barrel during Asian trade Monday
Nifty, Sensex end lower; Reliance Industries drags.