ET:Rupee weak on euro's losses, importers dollar need
MUMBAI: The Indianrupee remained weak in afternoon trades on Friday weighed by weakness in theeuro and robust demand for dollars from domestic oil firms.
At 1:55 p.m., the partially convertible rupee was at 44.1625/1650 per dollar, 0.2 percent weaker than Thursday's close 44.07/08.
The was at $1.4280 after touching $1.4363, compared with $1.4289 at close of domestic currency market on Thursday. The unit saw fresh bout of selling after Moody's said it may cut Spain's credit rating, fuelling fears about the euro zone's debt problems.
The index of the dollar against six major currencies was up 0.13 percent at 74.323 points from 74.271 at end of rupee trade on Thursday.
Indian shares were up 0.32 in choppy trades as concerns over domestic growth and nervousness due to a U.S. debt deadlock weighed.
But the rupee could continue to find support from the central bank's hefty rate increase on Tuesday that is expected to boost inflows in local bonds and deposits.
