Rupee dips to 1-yr low on euro slide

Rupee dips to 1-yr low on euro slide

Mumbai: The rupee hovered near its weakest level in a year on Friday hit by the fall in euro and high demand for the greenback from oil refiners.

Weakness in local shares kept the selling pressure on the rupee, traders said.

At 2:46pm, the partially convertible rupee was at 46.46/47, weaker than Thursday’s close of 46.19/20 and near its intraday low of 46.4750--the lowest level in a year.

The single currency sank to its lowest in nearly six months against the dollar on Friday, extending losses after it broke below a key support level.

The index of the dollar against six major currencies was at 76.460 points from 75.587 previously.

The local benchmark share index was down over 1.4% tracking Asian peers and gloomy outlook on global growth.