The rupee on Monday weakened by 65 paise to close at nearly 11-month low of 62.94 against the US dollar due to heavy dollar demand from importers amid falling crude oil prices. A stronger US dollar in global markets ahead of the US Fed's meeting starting tomorrow also weighed on the domestic currency, dealers said.
At the Interbank Foreign Exchange market, the rupee commenced weak at 62.50 a dollar from previous close of 62.29. A sudden gust of dollar demand from importers, mainly oil refiners, after global crude oil prices fell to near $ 62 a barrel weighed on the domestic unit which dropped to a low of 62.95 in day trade.