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Indian rupee weakens on strong dollar, stocks key

The Indian rupee weakens further in afternoon trade, as the dollar's strength against other currencies depressed sentiment for the local unit.

business Updated: Jun 13, 2008 15:47 IST

The Indian rupee weakened further in afternoon trade on Friday, as the dollar's strength against other currencies depressed sentiment for the local unit, while a wobbly stock market raised concerns of more fund outflows.

* At 3.15 pm, the partially convertible rupee was at 42.92/93 per dollar, off a low of 42.95 hit earlier in the day, and weaker than Thursday's close of 42.835/845. It had hit a 13-month low of 43.21 on May 22.

* The dollar rose against the euro and the yen on Friday, and was on track for its best week in over three years against a basket of currencies as investors focussed on a weekend meeting of G8 finance ministers.

* Oil, India's biggest import, was trading above $135 a barrel, near record highs of $139.12 hit last week, which could widen India's trade deficit.

* India's main share index, swung between losses and gains, and traders were worried rising interest rates could hurt consumer spending and slow down earnings growth for companies.

* India's annual inflation in the 12 months to May 31 rose 8.75 per cent, its highest since February 10, 2001, and above a median forecast of 8.28 per cent in a Reuters poll.