Indian rupee falls past 47.04 to 5-yr low | business | Hindustan Times
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Indian rupee falls past 47.04 to 5-yr low

business Updated: Sep 29, 2008 15:04 IST
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The Indian rupee fell past 47.04 per dollar to its weakest since June 2003 on Monday as month-end dollar demand from importers and oil refiners weighed and sharp losses in the share market raised worries about capital outflows.

At 2:37 pm, the partially convertible rupee was at 47.10/11 per dollar, its weakest since June 2, 2003, and more than 1 per cent weaker than its close of 46.545/555 per dollar on Friday, Reuters data showed.

India's main share index was down more than 5 per cent, hitting its lowest in 1- years.

Oil firms, the largest buyers of dollars in the domestic market, usually make payments for their imports at the end of each month. Oil was trading around $104 per barrel.