 "Soaring oil prices weaken rupee by 12 paise")
Mumbai: The rupee fell by 12 paise to 49.05 against the US currency in late morning trade due to month-end dollar demand from importers.
The rupee resumed lower at 48.97/98 per dollar at the Interbank Foreign Exchange (Forex) market as against the last weekend’s level of 48.93/94 per dollar. It declined further to 49.05 per dollar before quoting at 49.01/02 at 1030 hours.
[caption id=“attachment_226664” align=“alignleft” width=“380” caption=“The domestic currency hovered in a range of 48.94 per dollar and 49.05 per dollar during the morning deals.”]
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The domestic currency hovered in a range of 48.94 per dollar and 49.05 per dollar during the morning deals.
Month-end dollar demand from importers mainly oil refiners affected the rupee value against the dollar, a dealer said.
Meanwhile, oil prices were lower in Asian trade today as traders took profits from last week’s gains, while concerns over crude producer Iran’s nuclear programme remain, analysts said. New York’s main contract, light sweet crude for delivery in April, shed 23 cents to $ 109.54 in morning trade.
PTI