Rupee Falls as Higher Oil Price Boosts Import Costs
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India’s rupee weakened for a second day, extending its retreat from a five-month high, on speculation the nation’s refiners stepped up dollar purchases to pay for costlier crude-oil imports.
The currency declined the most in four weeks after the price of crude touched a two-month high of $82.38 per barrel yesterday. India’s petroleum imports averaged $8.3 billion a month so far this year, up from $5.4 billion in the year-earlier period, government data show.