The rupee has hit a seven-month low after the banks bought dollars to meet the payments of oil companies.

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The currency is currently facing a hit because of rising crude prices and the deficit in trade. The state-owned banks have reportedly bought Rs 300 crores for a large government transaction.

The rupee hits a 7-month low as banks buy dollars to meet payments of oil companies. @latha_venkatesh explains in detail pic.twitter.com/S5rXbeKQtb

— CNBC-TV18 News (@CNBCTV18News) April 17, 2018

Currently, the rupee is trading 65.61 against the US dollar.

The rupee had recovered 4 paise to 65.45 against the dollar at the interbank forex market in its opening on Tuesday on fresh selling of the greenback amid a higher opening of domestic equities.

A weak dollar against other currencies overseas supported the domestic unit, forex dealers said.

(With inputs from PTI)

First Published:Apr 17, 2018 9:49 AM IST