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Rupee weakens, oil prices weigh
June, 13th 2008

The rupee weakened on Friday, weighed down by near record global oil prices which may intensify foreign fund selling in local stocks.

At 9.08 am, the partially convertible rupee was at 42.86/87 per dollar, weaker than Thursday's close of 42.835/845. It had hit a 13-month low of 43.21 on May 22.

Oil was trading below $137 a barrel, near record highs of $139.12 hit last Friday, which could widen India's trade deficit as it imports about 70 percent of its oil.

Weaker Asian shares, hurt by inflation worries, could also put downward pressure on the rupee. Foreigners sold $1.38 billion worth of stocks so far this month, bringing their net sales for this year to around $5.3 billion. They bought a record $17.4 billion in 2007.

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