Rupee weakens against dollar in early trade

Rupee weakens against dollar in early trade

Mumbai: The rupee weakened against the US currency and was quoted marginally lower in morning trade on emergence of month-end dollar demand from oil refiners amid buoyancy in stock markets.

In dull trade at the Interbank Foreign Exchange (forex) market, the local currency resumed steady at 39.42/43 a dollar from Wednesday’s close of 39.4150/4250 a dollar and later eased to 39.43/44 a dollar in late morning deals.

Oil refiners bought dollars to meet their import payments at the month-end, forex dealers said.

Global crude oil prices ruled around $96 a barrel in Asian trade on Thursday.

The rupee, however, continued to draw support from equity market, which gained 131 points in early morning trade.