Rupee decline due to global factors: RBI

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Thursday , May 08, 2008 at 1306 hrs The decline in the rupee against the dollar is due to global uncertainties, which the central bank flagged in its policy review last month, Reserve Bank of India Governor Y.V. Reddy said on Thursday.

"The rupee is reflecting the uncertainties which have been indicated and analysed in the policy statement," Reddy told reporters on the sidelines of a board meeting of the central bank in Shillong.

The rupee hovered near a one-year low on Thursday, as record oil prices drove up dollar demand from refiners and other importers and fund inflows into a tepid stock market slowed.