Rupee weakens on oil payments

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Rupee weakens on oil payments
The partially convertible Indian Rupee fell by 10 paise on Monday against the US dollar on the Interbank Foreign Exchange due to fresh dollar demand from importers.

The Indian currency faced downward pressure as oil marketing companies stepped up dollar purchases for import payments. India meets its sizeable imports for crude oil through imports.

Weak trend seen in domestic equity market and concern over foreign funds outflows from the stock market also added to pressure on rupee.

The Indian rupee opened at 48.99 per dollar against 48.93 on Friday. At 11.20 am IST, the rupee was seen trading at 49.03 down Rs 0.10.

Meanwhile, the BSE was seen trading lower at 17720.70  down by 202.87 or 1.13% and the 50-share NSE was at 5361.55 down by 67.75 points or 1.25%.

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