Rupee weak on share fall, oil-related dollar buys

Rupee weak on share fall, oil-related dollar buys

Mumbai: The rupee continued to trade weaker in afternoon session on Thursday tracking weak domestic shares with dollar demand from oil refiners amid absence of any fresh inflows continuing to weigh.

At 2:15pm, the partially convertible rupee was at 45.57/58 per dollar, weaker than 45.475/485 at close on Wednesday.

Most Asian currencies were also weak against the dollar.

Oil is India’s biggest import and refiners are the largest buyers of dollars in the domestic currency market.

Stocks were down 0.2% weighed by weak Asian peers and dwindling foreign institutional investor interest.

One-month offshore non-deliverable forwards contracts were at 45.81, weaker than the onshore spot rate.

In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and the United Stock Exchange were all at 45.6825. Total volume was $3 billion.

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