Indian rupee falls past 47.04 to 5-yr low

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.

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.

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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.