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Rupee weakens on record oil, weak Asian stocks

June, 27th 2008
Rupee weakened in early deals on Friday, as near record oil prices and weak Asian markets weighed on investor sentiment. At 9.20 am the partially convertible rupee was at 42.8625/8700 per dollar, weaker than its previous close of 42.675/685. Oil, India's biggest import was trading above $139 a barrel on Friday, after hitting record above $140 in the previous session. Asian stocks fell sharply and safe-haven government bonds climbed on Friday, after shares plunged on Wall Street and oil prices shot above $140 a barrel, fanning investors' fears of high inflation and slowing economic growth.