Rupee loses 10 paise on concern over rising oil prices

MUMBAI, SEPT. 15. Sustained heavy dollar demand from corporates and importers sent the rupee hurtling down against the U.S. currency today, as the inter-bank foreign exchange market remained concerned over rising global oil prices.

The rupee ended at 45.7800/7850 a dollar, a whopping ten paise decline from Thursday's finish of 45.6750/6850 after a fresh wave of dollar short-covering by banks and corporates exerted further severe pressure on the rupee, dealers said.

Crude oil prices ruled above $34 a barrel on renewed tension in West Asia as Iraq accused Kuwait of stealing oil and the U.S. threatened to use military force to defend Kuwait.

The rupee opened on a distinctly weak note at 45.70/71 and dipped to the intra-day low of 45.78/79, before settling at 45.7800/7850 at the close.

- PTI

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