Business


Rupee weakens beyond 60



Mumbai: The rupee weakened past 60 per dollar for the first time in more than a month on concern a surge in global oil prices will widen India's trade deficit.

The rupee slumped one per cent last week as a government report showed India's trade shortfall climbed to a 10-month high of $11.24 billion in May. It pared yesterday's losses after a central bank adviser said it will weather higher energy prices and is unlikely to weaken "much beyond" 60. The rupee closed 0.7 per cent lower at 60.1650 per dollar in Mumbai, according to prices from local banks compiled by Bloomberg. The currency fell to 60.2250 earlier, the weakest level since May 6.

"Crude oil prices are the major dampener for the rupee market today," said Kishore Narne, Mumbai-based
head of commodities and currencies at Motilal Oswal Commodities Broker.

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