Rupee slips on dollar demand

The partially convertible Indian rupee fell 5 paise to Rs 49.27 per dollar in morning session due dollar demand from importers.

The Indian rupee opened at 49.31 per dollar versus 49.23 yesterday. At 12.05 pm IST rupee was seen trading at 49.25 lower by Rs 0.03

Weak trend in domestic equity market weighed more on rupee. Dollar also gained against euro and other major currencies.

Since, India is one of the largest consumers of oil, it accomplish most of its requirement of oil from abroad.

Crude oil which is priced in US dollar puts a significant weight on the movement of Indian currency. The dollar demand from oil importers affected the rupee today.

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