| Date: |
08-11-2011 |
| Subject: |
Indian Rupee Falls as oil cos' dlr Demand, Euro Weight |
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Nov 8 (Reuters) - The Indian rupee weakened on Tuesday as dollar demand from oil importers weighed and as sentiment was cautious due to renewed concerns over the euro zone crisis.
* At 9:50 a.m., the partially convertible rupee was at 49.2750/2800 per dollar, compared with Friday's close of 49.10/11. The market was closed on Monday on account of a religious holiday.
* The threat of more intervention by Swiss authorities kept the franc under pressure early in Asia on Tuesday, while the euro struggled to gain traction against the dollar as debt fears in the euro zone turned to Italy from Greece.
* The euro was at $1.3751, compared with $1.3773 late in New York, while the index of the dollar against six major currencies was at 77.039 points.
* Oil is India's largest import item and oil refiners are the biggest buyers of dollars in the local market.
* Brent crude edged lower on Tuesday as concerns over Italy's sovereign debt renewed fears of a sharp slowdown in the euro zone, overshadowing a potential supply disruption from Iran and seasonally strong demand for fuel. (Reporting by Shamik Paul; Editing by Rajesh Pandathil)
Source : in.reuters.com
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