The Indian unit opened the day distinctly weak at Rs 44.38/41 per dollar on the Interbank Foreign Exchange due to firm dollar and after moving in a range of Rs 44.38 and Rs 44.81, ended at Rs 44.75/77 per dollar, showing a huge fall of 56 paise over Thursday's close of Rs 44.19/21 per dollar.
The steep rise in US dollar in the global market prompted corporates and importers to buy dollar heavily amidst reduced supply with rising world oil prices which had surged to $42.65 a barrel.
Rupee, which had hit a 8-month peak against the US dollar on Monday at Rs 43.64/65, started its southward movement from Tuesday due to fresh rise in the US dollar against major global rivals and ended today at Rs 44.75/77, showing a sharp decline of Rs 1.11 from Monday's peak of Rs 43.64/65.
The Reserve Bank of India fixed the reference rate for US dollar at Rs 44.61 per dollar as against Rs 44.23 on Thursday and the Euro was fixed at Rs 59.09 per euro as compared to Rs 58.76 the previous day.
In cross currency trades, the rupee fell sharply to Rs 85.18/20 per pound sterling as against the previous level of Rs 84.73/75.
The Indian unit also fell against the single European unit to Rs 58.91/93 per euro from Rs 58.82/84, while the Rupee rose against the Japanese yen to Rs 42.22/24 per 100 yen as against the previous level of Rs 42.36/38.