Rupee weakens to one-month low on Iraq crisis

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Rupee weakens to one-month low on Iraq crisis

The rupee opened at a one-month low of 59.81 against the dollar in the interbank forex market — 5 paise lower than its previous close — as international crude oil prices continued to rise on the back of the crisis in Iraq.

See more of : Rupee slips again

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The currency appears to be gaining some support from steady equity markets which opened flat. According to brokers, Prime Minister Narendra Modi's statement that the government will have to take tough decisions on the economy and the finance minister's commitment to fiscal discipline is being seen as a positive by the markets. (BCCL/Narasimha Murthy)

See more of : Rupee fall again

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Forex dealers said that the "risk off" situation created because the crisis in Iraq had led to unwinding of position built up by arbitrageurs who were buying rupee in the domestic market and selling in the NDF market. (BCCL/N Narasimha Murthy)

See more of : Rupee weekens