Money & Banking

Rupee down as oil firms buy dollar

Our Bureau Mumbai | Updated on March 03, 2011

The rupee weakened on dollar buying by oil firms. The negative trend in the equities market also impacted the rupee, said dealers.

On Thursday, the domestic currency opened at 45 and touched a high of 44.93, before closing at 45.03, against the previous close of 44.94.

“Although the rupee had recovered in early trade on news that Libya had agreed to a peace plan, sustained dollar buying in the latter part of the day, impacted the rupee,'' said a dealer with a private bank.

The concern is that higher oil prices will push up inflation in India, the dealer added. In the overseas market the dollar was not changed much against currencies like the euro.

In the forward premia market the one-year premium closed at 5.99 per cent (6.02 per cent).

Published on March 03, 2011

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