MUMBAI: Soyoil futures edged higher on Monday due to a weak rupee and gains in Malaysian palm oil, while soybeans rose on thin supplies in local spot markets. Rapeseed futures hit their lowest level in more than a year as supplies from the new crop started in northern India. A weak rupee makes edible oil imports expensive, but raises the returns of oil meal exporters. The rupee eased on Monday. As of 0737 GMT, Malaysian palm oil futures for May were up 1.27 percent at 2,398 ringgit per tonne, while U.S. soybeans rose 0.38 percent to $14.71 per bushel. "Soyoil is getting support from the falling rupee. It is making imports costlier, but the upside is limited. The edible oil inventory is rising due to higher imports," said Vedika Narvekar, a senior analyst with Angel Commodities Broking. India meets more than half of its edible oil requirement through imports of which palm oil constitutes a major part. The key April soyoil contract on India's National Commodity and Derivatives Exchange was 0.57 percent higher at 678 rupees per 10 kg. Edible oil stocks in India are expected to have hit a record in February as buyers rushed to purchase ahead of a widely anticipated increase in import taxes that never materialised. The soybean contract for April delivery was up 0.50 percent at 3,285 rupees per 100 kg. The rapeseed contract for April edged down 0.23 percent to 3,407 rupees per 100 kg, after falling to 3,357 rupees earlier, the lowest level since Feb. 14, 2012. Rapeseed output is expected to surge by a fifth this year due to favourable weather conditions, helping the world's biggest vegetable oil importer boost local supplies by 400,000 tonnes. At the Indore spot market in Madhya Pradesh, soyoil edged up 0.95 rupee to 684.90 rupees per 10 kg, while soybeans were up by a rupee to 3,398 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed was unchanged 3,637 rupees.

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