Rupee weakens on dollar demand by oil cos
RBI may intervene later to arrest weakness
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<a href="http://www.shutterstock.com/pic-36175126/stock-photo-a-pile-of-indian-coins-shallow-dof.html" target="_blank">Rupee</a> image via Shutterstock
The rupee weakened in morning trade today due to dollar buying by banks for corporates.
At 10:30 am, the rupee was trading at Rs 62.62 compared with previous close of Rs 62.42 per dollar.
According to currency dealers, later during the day the Reserve Bank of India may intervene to arrest significant weakness.
Currency dealers said that the dollar demand is mainly coming from oil marketing companies.
At 10:30 am, the rupee was trading at Rs 62.62 compared with previous close of Rs 62.42 per dollar.
According to currency dealers, later during the day the Reserve Bank of India may intervene to arrest significant weakness.
Currency dealers said that the dollar demand is mainly coming from oil marketing companies.
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First Published: Nov 08 2013 | 10:43 AM IST