Rupee falls to one-month low of 60.88 against dollar

The Indian rupee fell to 60.88 against a dollar Tuesday, on continued demand for the greenback from oil importers.

The partially convertible rupee closed at 60.76 against a dollar after slumping to a low of 60.88 in the intra-day, the lowest level since March 21.

The Indian currency weakened by 17 paise Tuesday. The rupee closed at 60.59 against a dollar Monday.

The Indian currency is under pressure due to high demand for the US dollar from state-run oil companies to pay their respective import bill. Lower foreign buying in Indian stock markets is also putting pressure on the rupee.