NEW DELHI: The rupee closed almost flat at 83.03 against the US dollar on Monday as elevated crude oil prices and global inflation worries weighed on the local currency despite a record rally in equities fuelled by FII inflows.

A weak American currency against major rivals overseas also supported the domestic unit and restricted the fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.93 against the US dollar and moved between the peak of 82.83 and the lowest level of 83.06.

The rupee finally settled 1 paisa lower at 83.03 against the previous close. On Friday, the Indian unit had appreciated 21 paise to close at 83.02 against the greenback.