After moving on a dream run for the past many months now, the Indian rupee has recently seen a tumbling path on Monday as the domestic share gained and the dollar based broad losses against the majors were offset by the demand for dollar by the foreign banks.

It is to be mentioned here that the demand of dollar by the foreign banks were based on the fact of the Coal India's share sale-related refunds. It may be noted here that the government is planning to raise close to $3.5 billion from the 10% stake sale in Coal India.

For the record, the offering by the state owned company was 15 times more than the offered number of shares and the share will begin trading from the 4th of November. Vikas Chittiprolu, a senior foreign exchange dealer with state-run Andhra Bank said that there is not much impact from the share gains or the weak dollar but the industry is seeing bids from the Coal India refund wherein the rupee should trade in a range of 44.32-44.55 today.

The Indian shares were up by 1.7% while Reliance was on a upward drive on the back of the strong quarterly results.