India's rupee fell to the lowest level in more than a month on speculation foreign funds will cut purchases of local assets as oil prices hover near the highest level since May. The currency declined for a third day after overseas investors slowed net buying of local equities to $56 million on March 1, compared with $133 million on Febraury 29 and $174 million the day before, according to exchange data. Crude prices have advanced 7.5 per cent this year, reaching a 10-month high of $110.55 a barrel in New York on March 1. Asia's third-biggest economy imports almost 70 per cent of its energy needs. "There is a preference among investors to hold dollars in comparison to other currencies due to the high oil prices," said Naveen Raghuvanshi, a currency trader at Development Credit Bank in Mumbai. "The rupee is weakening because of this sentiment and I expect further weakness in the near term." The rupee fell 0.7 per cent to 49.8538 per dollar at the 5pm close in Mumbai, according to data compiled by Bloomberg. It touched 49.9550, the lowest level since January 25. The currency may drop to 50 per dollar this week, Raghuvanshi said. Gross domestic product rose 6.1 per cent in the three months through December, the slowest pace in more than two years, the government said last week. Offshore forwards indicate the rupee will trade at 50.94 to the dollar in three months, compared with expectations of 50.56 at the end of last week. From gulfnews
GMT 18:36 2017 Tuesday ,26 December
Scenting a recovery, oil producers ratchet up spendingGMT 20:43 2017 Monday ,25 December
Oil markets will witness balance in 2018: Iraqi Oil MinisterGMT 16:17 2017 Sunday ,24 December
Iraq invites bids for new oil pipelineGMT 14:26 2017 Friday ,22 December
Energy prices bump key US inflation index up in NovemberGMT 17:59 2017 Tuesday ,19 December
Japan trade surplus drops sharply on higher oil importsGMT 17:31 2017 Thursday ,14 December
Energy costs push US consumer inflation higher as Fed meetsGMT 15:30 2017 Wednesday ,29 November
Shell resumes all-cash dividend as oil price recoversGMT 13:22 2017 Sunday ,26 November
Chinese demand teaser to weigh on Vienna oil summit
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor