Thai VI

Indian rupee falls to 15-mo low on arbitrage, oil


MUMBAI, July 1 (Reuters) - The Indian rupee fell to a 15-month low on Tuesday, as foreign banks bought dollars in the local market to sell them in the offshore market, to cash in on the price differential, with high oil also hurting sentiment.

* At 1 p.m. (0730 GMT), rupee <INR=IN> at 43.3850/3900 per dollar, off a brief low of 43.50, which traders said was a wrong trade, although market tried to push it back there anyway. Rupee at weakest since April 3, 2007, and down more than 9 percent so far this year. Monday close was 43.0250/0300.