The rupee fell for the seventh consecutive session against dollar, shedding Rs1.11 in the interbank foreign exchange market on Monday.

The rupee remained under pressure on the first working day of the week as the dollar was trading at Rs287.92 at the closing of the interbank market against the closing of Rs286.81 on Friday.

The greenback’s winning streak continued in the interbank owing to increased demand for import payments.

Despite the government’s successful negotiation for a deal with the International Monetary Fund, the rupee continued to weaken due to dollar outflow in the form of import payments.

The country’s economy and export-oriented industries largely rely on the import of raw-material while a huge chunk of foreign exchange is spent on the import of petroleum products.

As the flight of the greenback continued in interbank, it also recorded an increase in the open market. The foreign currency gained Rs2 to reach Rs293 in the open market on Monday.