Rupee slips on oil payments

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Rupee slips on oil payments
The partially convertible Indian rupee slipped on Monday in the Interbank Foreign Exchange market due to demand from oil refiners and persistent demand for dollars from banks and importers.

Demand of dollar from banks and importers is leading to a further fall in the rupee against the greenback. The falling rupee will put more pressure on the oil bill which is expected to widen.

The currency was seen range bound between 49.87 per dollar and 50.01 per dollar during the morning session.

The Indian rupee opened at 49.92 per dollar versus 49.84 on Friday. At 12.30 pm IST the rupee was seen trading at 49.92 lower by Rs 0.08.

Meanwhile, stock markets were volatile after the release of IIP data which came in at 6.8% much higher than expected. The BSE was seen up by 71 points. The 50-share NSE Nifty up by 18 points.

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