India’s rupee fell for a second day on speculation refiners and other importers sold the currency for dollars to settle month-end bills.The rupee declined 0.2 percent to 42.815 a dollar as of 9:10 a.m. in Mumbai,
The partially convertible rupee could edge higher on Tuesday, lifted by a rise in Asian stocks, but dollar buying by oil refiners to meet month-end commitments is expected to check gains.
* India imports most of its oil and refiners are the biggest buyers of dollars in the currency market, with their demand tending to peak towards the end of each month. Oil’s surge to record highs has increased the amount of dollars they need to buy to pay for imports.
* The rupee ended at 42.73/74 per dollar on Monday, off an intra-day high of 42.52 and a shade weaker than Friday’s close of 42.69/70. It hit a 13-month low of 43.21 last week.
* Asian stocks rebounded on Tuesday from the previous day’s dip, as bargain hunters scoured the market after five days of losses, though rising inflation and high oil prices kept investors uncertain about the outlook.
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