At the interbank foreign exchange market, the local currency opened on a weak note at 71.01 and fell further to a low of 71.18. It finally settled at 71.03, lower by 6 paise against its previous close.

Mumbai: The rupee depreciated by 6 paise to close at 71.03 against the US dollar on Thursday as steady rise in crude oil prices weighed on investor sentiments.

Forex traders said the rupee ended on a weak note as importers rushed for hedging amid expectations of intervention by the central bank.

At the interbank foreign exchange market, the local currency opened on a weak note at 71.01 and fell further to a low of 71.18. It finally settled at 71.03, lower by 6 paise against its previous close.