Rupee opens 9 month low at 41.51/53 against USD

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Mumbai, May 8 (UNI) Rupee today resumed nine months low at 41.51/53 against USD with a major loss of 16 paise from its last close of 41.35 on renewal brisk Dollar purchased by oil importers and few foreign banks.

Dealers said, ''The Rupee fell nearly nine month's low on Wednesday as record oil prices pushed up Dollar demand from refiners, raising concerns of a widening trade deficit. India imports 70 per cent of its oil needs, and crude refiners such as HPCL and BPCL are among the biggest Indian buyers of Dollars.

Later, the partially convertible Rupee fluctuated in wide range and quoted at 41.50 and 41.71 again per Dollar in mid-session, the weakest since August 20.

A senior dealer with a state-run bank estimated oil firms bought at least USD 500 million in yesterday's trade. Oil rose to a record high of USD 122.73 a barrel on Tuesday.


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