Thursday May 29, 10:12 AM
Rupee weakens as oil prices inch up |
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MUMBAI (Reuters) - The rupee eased in early trade on Thursday, after global oil prices climbed back over $130 a barrel and traders awaited cues from the stock market.
* At 9:20 a.m., the partially convertible rupee traded at 42.75/76 a dollar, weaker than the previous close of 42.73/74. It hit a 13-month low of 43.21 last week.
* Oil, India's biggest import, traded above $130 a barrel on Thursday, after hitting a low near $126 in the previous session. Refiners are the biggest buyers of dollars, with demand tending to peak towards the end of each month.
* Dealers will keep an eye on share prices, which influence capital inflows and are a key support for the rupee. The main stock index rose 1.5 percent on Wednesday, snapping a four-day slide.
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