The rupee declined by as much as 23 paise on Monday. The rupee opened lower at 71.35 on Monday and weakened to hit an intraday low of 71.46 against the dollar in morning deals, compared with its previous close of 71.23. Rising crude oil prices along with foreign fund outflows and subdued equity markets led to weakness in the rupee against the greenback in the forex market, said analysts. The rupee, however, pared some of the losses to trade near 71.38 against the dollar.

Oil prices on Monday hit their highest levels since November last year. The crude oil prices were lifted by production cuts led by the Organization of the Petroleum Exporting Countries (OPEC), US sanctions on Iran and Venezuela, and hopes that the China-US trade dispute may soon end.

Brent crude futures - the global benchmark for crude oil - were last seen trading 0.6 per cent higher at $66.66 per barrel. During the session, they climbed to their highest level recorder since November 2018 at $66.78 a barrel.

The dollar index - which measures the greenback against six major peers overseas - was last seen trading down 0.1 per cent.

Meanwhile, domestic equity markets fell on Monday amid a selloff across most sectors.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 966.43 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 853.25 crore on Friday, according to provisional data from the NSE.

(With agency inputs)