Rupee hits over 1 month low as oil prices surge

Tags: News
The rupee weakened to 60 to a dollar on Monday, its lowest in more than a month, as strong demand for the greenback from oil marketing companies weighed after global crude prices surged to nine-month highs on Friday.

At 9:34 a.m., the rupee was at 59.9850/9900 after hitting 60.00, a level last seen on May 12. The pair had closed at 59.76/77 on Friday.

Traders expect the rupee to weaken further during the session as concerns persisted that an insurgency in Iraq could disrupt oil exports from the second-largest OPEC producer.

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