Update: Rupee falls past Rs47.04 to 5-yr low

Update: Rupee falls past Rs47.04 to 5-yr low

Mumbai: The Indian rupee fell past Rs47.04 per dollar to its weakest since June 2003 on Monday as month-end dollar demand from importers and oil refiners weighed and sharp losses in the share market raised worries about capital outflows.

At 2:37pm, the partially convertible rupee was at Rs47.10/11 per dollar, its weakest since June 2, 2003, and more than 1% weaker than its close of Rs46.545/555 per dollar on Friday, Reuters data showed.

India’s main share index was down more than 5%, hitting its lowest in years.

Oil firms, the largest buyers of dollars in the domestic market, usually make payments for their imports at the end of each month. Oil was trading around $104 per barrel.