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03-03-2012, 02:54 AM #1
Rupee slips to 3-week low on oil buys
The rupee fell to a three-week low on Friday afternoon as high global oil prices spurred demand for dollars, while subdued stocks and muted investor response to a share sale dampened inflow hopes.
* The government failed to sell all of the shares in its $2.5 billion auction of a 5 percent stake in Oil and Natural Gas Corp on Thursday, indicating a faltering start to revive asset sales.
* At 1:32 p.m the rupee was at 49.48/49 to the dollar after hitting 49.50, its weakest since February 13, and off Thursday's close of 49.21/22.
* India imports about 80 percent of the oil it consumes and refiners are the biggest buyers of dollars in the currency market.
* The BSE Sensex was headed for its second consecutive weekly fall, which also piled pressure on the rupee.