Mon, May 12 09:07 PM
Mumbai, May 12 (PTI) The Indian rupee today tumbled by 47 paise to close at a nearly 13-month low at 42.05/06 against the greenback following heavy dollar buying by oil refiners as crude oil prices remained firm. Concerns over the widening trade deficit due to higher global crude oil prices and also sustained rise in inflation and steep fall in industrial production mainly weighed on the rupee, dealers said.
In fairly active trade at the Interbank Foreign Exchange (Forex) market today, the local currency resumed lower at 41.62/64 a dollar against previous close of 41.58/59. It later fell sharply close at 42.05/06 a dollar.
It touched a low of 42.11 during the intra-day trading to a level last seen on April 13, 2007 when the rupee ended at 42.51/52. Oil refiners were seen buying dollar in the wake of rising crude oil prices.
World crude oil prices eased but remained high above USD 125 a barrel in Asian trade today after spiking to a record USD 126.25 a barrel in intra-day trading at the New York Mercantile Exchange last Friday. The rising oil prices was a main concern for traders, as this might led to demand for dollar, affecting the rupee sentiment.
Capital outflows in the last couple of days and expectation of more in the coming days due to sustained rise in inflation and sharp fall in industrial production also impacted the rupee. However, a smart recovery in the benchmark sensex from the day's lower levels, somewhat helped the rupee to recover modestly at the fag end.
PTI.
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