The rupee fell to a fresh 13-month low on Wednesday as record oil prices and growing worries about a slowdown in the Economy spurred demand for US dollars.
India’s rupee fell for a third day on speculation near-record crude oil price will widen the South Asian nation’s trade deficit.
At 9:02 a.m., the partially convertible rupee was at 42.26/27 per dollar, a level it last traded on April 16, 2007, according to Reuters data. It had closed at 42.10/11 on Tuesday
The rupee weakened 0.4 percent to 42.27 per dollar as of 9:05 a.m. in Mumbai, according to data compiled by Bloomberg. The currency, headed for a fourth weekly decline, is the second- worst performer among the most-traded Asian currencies this year with a 6.8 percent loss.
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