India rupee erases gains after rising to 1-wk high

Mon Jun 29, 2009 2:18pm IST

[-] Text [+]

MUMBAI, June 29 (Reuters) - The Indian rupee erased gains after rising to its highest in more than a week on Monday, on customary month-end dollar demand from refiners.

* At 2:10 p.m., the partially convertible rupee was at 48.14/15 per dollar, off an intraday peak of 47.98, its highest since June 17, and slightly weaker than Friday's close of 48.10/11.

* Oil CLc1, India's biggest import, rose above $69 a barrel on Monday. Oil refiners step up dollar purchases towards the end of every month to meet import commitments.

* The rupee had strengthened earlier, tracking higher local equities on Monday. [.BO] (Reporting by Anurag Joshi; Editing by Sunil Nair)

g20 meeting

Britain's Prime Minister Gordon Brown speaks, as finance minister Alistair Darling listens at the G20 Finance Ministers meeting in St. Andrews, Scotland. REUTERS/POOL New

UK joins G20 push for world levy on banks

Britain threw its weight behind proposals to impose a global levy on banks to fund future bailouts and called on the G20 to work toward a $100 billion deal to meet the cost of climate change. Full Article | Full Coverage

Video: G20 divided over climate finance

U.S. Geithner says need to keep stimulus on

Highlights - Comments from G20 finmins, c.bankers meeting