The Indian rupee has weakened to the level of 50.28/50.29 against the US dollar due to demand for dollars from oil refiners and importers.

The fall in the rupee was halted by the weak performance by the US dollar against the major global currencies. Refiners are the biggest buyers of dollars in the domestic currency market and usually increase demand towards the end of the month.

The partially convertible was trading at 50.28/50.29 to the dollar after strengthening to 50.16 in early trade. It closed at 50.25/26 on Thursday. The country’s currency has risen about 2.5 percent against the dollar so far this week. If the rupee is able to keep its gain this week, it will be its biggest gain since the last week of October, according to the data compiled by Thomson Reuters.

Reserve Bank of India had recently allowed more foreign investors to invest in the market and the move has boosted inflows into the country. The move will help reverse the trend of the falling rupee, which has emerged as the weakest performing currency in the country.