Wednesday, May 14, 2008

Rupee falls to 13-month low against dollar

Rupee on Wednesday tumbled by another 34 paise to a fresh 13-month low of 42.44/45 against the US currency following good demand for dollar, mainly from oil refiners.

In fairly active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened lower at 42.20/22 a dollar from yesterday's close of 42.10/12.

It dropped further to a low of 42.67 a dollar due to heavy dollar buying by oil refiners as the global crude oil prices remained near $126 a barrel after striking a new peak of $126.98 a barrel in intra-day trade at New York on Tuesday.