Rupee opens lower at 49.45, oil payments weigh

Mumbai: The rupee opened weaker on Monday as dollar demand from oil importers weighed, with traders watching the situation in Greece for further direction.

At 9 am the rupee was at 49.45 to the dollar, compared with Friday’s close of 49.40/41. Traders had expected the rupee to open around 49.52 to the dollar and move in a band of 49.36 to 49.81

[caption id=“attachment_210993” align=“alignleft” width=“380” caption=“Asian shares and the euro gained modestly on Monday, relieved by the Greek parliament’s passage of austerity measures. Reuters”]  [/caption]

It fell 1.45 percent last week, the most in nine weeks. The losses would have been more but for suspected dollar sales by the central bank after the rupee hit 49.76 during trade on Friday, its weakest since January 30, according to Thomson Reuters data.

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Oil is India’s biggest import item and oil refiners are the largest buyers of dollars in the local market. Asian shares and the euro gained modestly on Monday, relieved by the Greek parliament’s passage of austerity measures which put the country a step closer to securing a much-needed bailout fund and avoiding a messy default.

Reuters