Rupee falls as oil firms buy dollars

Rupee fell as low as 55.86, trading last at 55.84/86 per dollar, falling strongly from its previous close of 55.1850/1950. Losses are being driven by strong demand for dollars from oil firms as they look to meet month-end import commitments.

A retreat in domestic equities from the day's highs also hurt the rupee. The BSE Sensex gave up most gains to end with slight gains for the day.