Rupee opens weak at 42.50/51 against US Dollar

Mumbai, Jul 31: The Rupee on Thursday, July 31 fell by fourteen paise at 42.50/51 per US Dollar in the opening trade as oil prices rebounded to higher levels.

Rupee fell from its previous close of 42.36/37 per dollar, on concerns of rising oil prices further widening the trade deficit and as refiners have stepped up purchases to meet their month-end commitments, dealers said.

Global oil prices, which hit 12-week lows on Tuesday, rose to more than 4 USD per barrel yesterday, after US gasoline stocks fell. It was trading just below USD 127 per barrel today. India imports a majority of its oil needs, and higher prices widen its trade deficit, dealers added.

UNI