India rupee hits 1-month low on heavy dollar demand from oil firms

MUMBAI: The Indian rupee fell on Tuesday to its weakest level against the dollar since March 21, weighed down by heavy greenback demand from importers, particularly oil firms, as well as weaker regional currencies.

The partially convertible rupee was trading at 60.85/86 per dollar by 2:55 p.m. (0925 GMT), after earlier hitting as low as 60.86, its weakest since March 21. The unit had closed at 60.59/60 on Monday.

Asian currencies also fell on Tuesday, with the Chinese yuan hitting a 14-month low.