Rupee falls below 60-level against dollar; down 35 paise
As oil prices surged, rupee weakened to its one-month low of 60.11
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<a href="http://www.shutterstock.com/pic-145704104/stock-photo-indian-currency-rupees-and-coins.html?src=p5N32CFr8-mqwY5wKad6IA-1-63" target="_blank"> Rupee image </a> via Shutterstock.com
The rupee fell below the 60-level against the American currency after a gap of over one month by dropping 35 to 60.11 on sustained dollar demand from importers amid rise in crude oil prices.
The local currency moved in a range of 59.80 and 60.05 per dollar during the morning trade today.
It had last traded at 60.05 on May 12, 2014.
Crude oil prices rose to nine-month high in Asian trade today as investors kept a wary eye on the worsening crisis in Iraq, where insurgents were advancing towards capital Baghdad.
US benchmark West Texas Intermediate for July delivery jumped 35 cents to $107.26 a barrel in late-morning trade.
Meanwhile, the benchmark BSE Sensex dropped 104.30 points, or 0.41%, to 25,132.87 at 1000 hours.
The local currency moved in a range of 59.80 and 60.05 per dollar during the morning trade today.
It had last traded at 60.05 on May 12, 2014.
Crude oil prices rose to nine-month high in Asian trade today as investors kept a wary eye on the worsening crisis in Iraq, where insurgents were advancing towards capital Baghdad.
US benchmark West Texas Intermediate for July delivery jumped 35 cents to $107.26 a barrel in late-morning trade.
Meanwhile, the benchmark BSE Sensex dropped 104.30 points, or 0.41%, to 25,132.87 at 1000 hours.
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First Published: Jun 16 2014 | 12:30 PM IST