ET:Rupee slips; local shares remain in negative zone
MUMBAI: Rupee was weak in afternoon trades on Tuesday as local equities remained in the negative zone and the euro retreated following Moody's decision to review France's triple-A credit rating.
The rupee also remained under selling pressure due to persistent dollar demand from domestic oil refiners, traders said.
At 1:52 p.m., the partially convertible rupee was 49.16/17 per dollar, 0.4 per cent weaker from Monday's close of 48.945/955. It had touched an intraday low of 49.22 earlier.
The euro was at $1.3718, below $1.3786 at the end of rupee trade on Monday when the single currency had hit a one-month high of $1.3914.
The index of the dollar against six major currencies was at 77.258 points, above 76.998 on Monday.
The local benchmark share index was down nearly 1.8 per cent.
Oil is India's biggest import item and domestic oil companies are the largest purchasers of the greenback in local currency market.
