Don’t miss the latest developments in business and finance.

Rupee weakens past 60/dollar; oil companies buy greenbacks

Image
Reuters MUMBAI
Last Updated : Jul 12 2013 | 1:15 PM IST

MUMBAI (Reuters) - The rupee extended its fall to below 60 per dollar levels in afternoon trade on Friday, weighed down by heavy demand for dollars from importers, particularly oil companies, according to dealers.

The partially convertible rupee was trading at 60.02/03 per dollar at 12:42 p.m., compared with its previous close of 59.6750/6850.

Traders expect support for the rupee at around 60.20 levels, adding if the level is broken the currency could fall to 60.50. The rupee had hit a record low of 61.21 on Monday.

(Reporting by Swati Bhat; Editing by Rafael Nam)

Also Read

First Published: Jul 12 2013 | 1:07 PM IST

Next Story