Rupee rates fall!!!

Indian rupee decreased to its more than one-year low of 41.76/77 against a US dollar as the heavy demand for US currency as the oil prices were high due to its short supply.

The rupee reached to a lower at 41.59/60 a dollar from its last close of 41.35/36 a dollar.

The money supply if tightened must have triggered the rupee to move in the direction opposite to it, a dealer with a private bank said.

OIL PRICES

Oil prices throught the globe prompted heavy dollar demand from oil refiners and other importers amid inadequate supplies of American currency and a slowdown in capital inflows into sluggish equity markets, dealers said.

India imports 70 per cent of its oil requirements which are in need for the rising economy and the prices above 123 dollar a barrel is likely to lead to deteriorate trade and current account deficits this year.

SENSEX

Indian Sensex fell by 259 points or 1.49 per cent while the Asian indices ended in negative territory.

The japanese yen taking its lead against the indian rupee.

The Indian unit tumbled against the Japanese yen to close the day at Rs 40.06/08 per 100 yen from its last close of Rs 39.26/28 per 100 yen.