Rupee falls on oil imports

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The Indian rupee fell against US dollar on Tuesday due to the dollar demand from oil importers, which offset the gains from foreign fund inflows.

Rupee future for March 2012 contract falls as much as 0.0075 paise to Rs. 50.3550 per dollar on the National Stock Exchange (NSE) at 11.55am.

Oil is India's largest import item and oil refiners are the largest buyers of dollars in the local market.

At the Chicago Mercantile Exchange (CME), EURUSD future for June 2012 contract traded at US$1.3234 per euro (USD appreciated by 0.0008 per cent against EUR) and GBPUSD future for June 2012 contract traded at US$1.5869 per pound (USD appreciated by 0.13 per cent against GBP) at 11.57 AM today.

S&P CNX NIFTY, at NSE, was trading at 5,271, up by 0.27 per cent, after opening at 5,257.15 against the previous closing of 5,257.05. It touched the intra-day high of 5,297.35 till the trading. (At 11.54 AM today).

At NSE, USDINR for March 2012 contract traded at Rs. 50.3550 per dollar, rupee depreciated by 0.0075 paise, after opening at Rs. 50.3000 against the previous closing price of Rs. 50.3475. It fell to Rs. 50.2775 per dollar with a business volume of 410547 lots till the trading. (At 11.55 AM today).

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