Rupee falls to 55.91 against the dollar

The rupee weakened in afternoon trade on Tuesday, on dollar demand from oil companies and a fall in Euro. It had strengthened to its highest in more than a week earlier, tracking a slight revival in risk-taking in other Asian markets.  The Euro had strengthened against the dollar earlier as bear market players trimmed bets ahead of G7 emergency meeting on Europe crisis and hopes of stimulus hit demand for safe haven currencies such as the dollar. However, it weakened to 1.2450/$. At 9:10 a.m., the rupee was at 55.39/40 per dollar, up by 0.47 per cent or 26 paise after hitting 55.25 earlier, its strongest against the dollar since May 25. It had closed at 55.65/66 on Monday. However, the rupee traded lower in the afternoon to hit a low of 55.91 against the dollar.