Date:26/07/2008 URL: http://www.thehindu.com/2008/07/26/stories/2008072651381500.htm

Business

Rupee weakens further

MUMBAI: The rupee came under fresh pressure and weakened by another 12 paise to 42.25/26 against the U.S. currency on sustained dollar buying from oil companies amid sluggish local stocks.

At the interbank foreign exchange market, the rupee resumed lower at 42.22/24 and dropped further to close at 42.26 against its previous close of 42.13/14. Forex dealers said importers stepped up dollar purchases with global crude oil prices hovering around $126 a barrel level in Asian trade in the morning. They said there was lot of dollar buying from oil refiners. — PTI