 "Rupee slips to 3-week low on oil buys")
Mumbai: The rupee fell to a three-week low on Friday afternoon as high global oil prices spurred demand for dollars, while subdued stocks and muted investor response to a share sale dampened inflow hopes.
The government failed to sell all of the shares in its $2.5 billion auction of a 5 percent stake in Oil and Natural Gas Corp on Thursday, indicating a faltering start to revive asset sales.
At 1:32 pm, the rupee was at 49.48/49 to the dollar after hitting 49.50, its weakest since February 13, and off Thursday’s close of 49.21/22.
India imports about 80 percent of the oil it consumes and refiners are the biggest buyers of dollars in the currency market.
The BSE Sensex was headed for its second consecutive weekly fall, which also piled pressure on the rupee.
Reuters
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