India, Sept. 8 -- The rupee fell 7 paise to close at 94.50 (provisional) against the American currency on Monday as surging crude oil prices and global headwinds offset the support from strong FCNR dollar inflows.

Forex traders said the rupee saw modest gains in initial trade on foreign inflows, but a negative trend in domestic equities and rising crude oil prices weighed on investor sentiment.

At the interbank foreign exchange market, the rupee opened at 94.40 against the US dollar. During the day, the local unit touched an intraday high of 94.38 and a low of 94.50. The rupee finally settled at 94.50 (provisional), down 7 paise from its previous close.

On Friday, the rupee settled higher by 8 paise at 94.43 against the US dollar.

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