Silver ready prices declined by Rs 260 to Rs 38,570 per kg, while weekly-based delivery reduced by Rs 295 to Rs 37,157 per kg.
On a weekly basis, the Indian Rupee has gained 55 paise.
Rupee movement was confined to a narrow range as forex traders took a cautious approach ahead of the G20 Summit.
Rupee opened weak at 69.29 at interbank forex market and then fell further to 69.32, down 17 paise over its last close.
At the interbank foreign exchange market, the rupee opened at 69.40 a dollar and advanced to a high of 69.07 during the day.
Forex dealers said foreign fund inflows and selling of the American currency by exporters supported the rupee.
Forex traders said, rising crude oil prices, foreign fund outflows and cautious opening in domestic equities kept investors edgy.
At interbank foreign exchange, rupee opened at 69.45 a dollar and gained to touch a high of 69.37.
Strong FIIs inflows and higher domestic equity markets also improved sentiments for the rupee, forex dealers said.