MUMBAI: The rupee gave up early gains and skidded to its lowest in more than two months on Monday, pressured by oil payments and subdued shares.
India imports about 80 percent of the oil the country consumes and refiners are the biggest buyers of dollars in the currency market, with their demand tending to peak towards the close of each month when they make payments.
Tension between Iran and United States is likely keep demand for dollars strong as Indian companies would look to clear import dues as early as possible before any financial sanctions are imposed on Iran's customers, traders said.
