Rupee weakens as refiners buy, stocks eyed

At 9:13am, the partially convertible rupee was at Rs48.65/65 per dollar, weaker than Monday’s close of Rs48.41/44 per dollar.

Foreign funds have dumped $13.3 billion worth of Indian shares so far in 2008, after buying a record $17.4 billion last year. But they’ve bought $365.6 million worth of shares so far in December.

Oil prices were above $40 a barrel on Tuesday. Refiners are the largest buyers of dollars in the domestic currency market and demand tends to peak at the end of each month when they make payments for their imports.

The dollar dropped against the euro and the Swiss franc on Tuesday, as tensions in the Middle East, which threaten oil supplies, continued to weigh.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!