Forex

Rupee weakened on Monday on dollar demand from importers after the US unit gained against other currencies, but a rise in local stocks helped curb losses, traders said.

At 2:30 pm, the partially convertible rupee was at 43.2600/2650 per dollar, compared with Friday's close of 43.15/16. It had hit a 15-month low of 43.50 last week.

The dollar edged up to a one-week high versus a basket of major currencies on Monday, cheered by speculation that comments from G8 officials could push oil prices further away from last week's record highs.

Oil, India's biggest import, was trading a little above $143 a barrel. It hit a record $145.85 on Thursday.

The BSE was up 1.8 per cent as political uncertainty eased but high oil prices and inflation remained a risk to the recovery.