India's rupee fell on speculation the country's refiners will increase dollar purchases to pay for imports of crude oil after the commodity rose to a record.
The currency declined to near a seven-week low after oil price in New York rose to an all-time high $120.36 per barrel yesterday, stoking concern a rising import bill will widen India's trade and current account deficits. The rupee also dropped on concern equity losses will prompt funds based abroad to slow investments in the nation's financial market.

"With crude at $120, oil-related bids are coming in for the dollar," said Vikas Babu, a foreign-exchange trader at state-owned Andhra Bank in Mumbai. "That has kept the rupee under pressure. ... Read full article