Rupee Weakens Close to 60.50 as Iraq Crisis Intensifies
The rupee falls to 60.42 versus its previous close of 60.03/04 as the intensifying Iraq crisis leads to fears of supply disruption in oil supplies and domestic shares fall sharply.
The BSE Sensex fell more than 1 per cent on waning risk appetite due to the Iraq conflict.
Brent crude held above $113 per barrel on Wednesday as heavy fighting in Iraq shut the country's biggest refinery and led to the withdrawal of staff by foreign oil firms, stoking worries about exports from the key oil producer.
India imports nearly two-thirds of its oil needs, leaving its currency especially vulnerable to price swings.
The partially convertible rupee is seen trading in a range of 60.02 to 60.50 during the session.
Copyright: Thomson Reuters 2014
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