Corrected - Rupee hits 8-1/2 month low on dollar buying from oil firms

MUMBAI (Reuters) - (Corrects headline and first paragraph to 8-1/2 low)

The rupee fell to a 8-1/2 month low on Wednesday as global gains in the dollar ahead of the release of U.S. Federal Reserve minutes later in the day and slumping crude prices spurred oil companies to accelerate their greenback purchases.

The local unit fell to as much as 61.9950 per dollar at 4:15 p.m., a level last seen on March 4. It was last trading at 61.9675 per dollar.

(Reporting by Gaurav Pai; Editing by Anand Basu)