The rupee slipped 3 paise to close at 71.11 against the US dollar on Monday, tracking a steady rise in crude oil prices and weakness in domestic equities. Forex traders said the drop in the rupee was largely due to a spurt in crude oil prices following rising tensions in the Middle East and North Africa.
At the interbank foreign exchange market, the local currency opened on a weak note at 71.07 and fell further to a low of 71.15. It finally settled at 71.11, lower by 3 paise against its previous close.