For the first time in over 17 months, Indian currency weakened past Rs 44 per dollar owing to rumor that importers will raise their dollar purchases in order to settle the import bills.
    
Oil rates surged 52 cents to settle at $115.11 per barrel on the New York Mercantile Exchange (NYMEX).

The refiners comprising Indian Oil Corporation (IOC), India’s biggest oil marketing company took the advantage of the currency’s rally to an almost week’s high on August 22 to purchase dollars at a cheaper rate.

Demand for the USD surges at the end of every month when import payments are outstanding.

During the early hours of trading, Indian rupee declined marginally 0.8% at Rs 44.11.