Rupee tumbles to five-week low
The Indian rupee tumbled by another 12 paise to nearly five-week low of 40.17/18 against the American currency on Thursday as oil companies stepped up dollar purchases after oil prices hit a new record high yesterday.
The Indian rupee fell on Tuesday to its lowest in more than a week after a rise in July core inflation tempered expectations for an interest rate cut, while a widening trade deficit highlighted the woes facing the local currency.