Snapping its two-session gaining string, the rupee on Monday settled down by 16 paise at 52.87 against the dollar due to fresh demand for the US currency from importers amid weak local stocks markets.At the Interbank Foreign Exchange (Forex) market, the rupee opened weak at 52.86 a dollar from last close of 52.71.It dropped further to a low of 53.25 per dollar before closing at 52.87 per dollar.Dealers said fresh dollar demand from importers as well as falling equity markets weighed on the rupee.