Rupee weakens against dollar in early trade

Rupee weakens against dollar in early trade
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First Published: Tue, May 06 2008. 01 47 PM IST
Updated: Tue, May 06 2008. 01 47 PM IST
PTI
Mumbai: The rupee turned weak again against the dollar today, after a brief pause yesterday, and was quoted 7 paise lower in morning trade amid sluggish equity markets and high global oil prices.
At the Interbank Foreign Exchange market, the domestic currency resumed strong at 40.67/68 a dollar from its last close of 40.60/61 a dollar and later ruled around opening levels in quiet trade.
Weakness in local equity markets weighed on the rupee sentiment, they added.
Indian benchmark index Sensex was down 63 points in late morning trading.
The Indian unit also came under pressure after global crude oil prices hit a new record at $120.30 a barrel in Asian trade this morning, dealers said.
After breaking the symbolic $120 ceiling for the first time, the New York’s main oil futures contract was trading today in Asia at $120.15 a barrel against a record closing of $119.97 reached yesterday on the New York Mercantile Exchange.
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First Published: Tue, May 06 2008. 01 47 PM IST