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Indian soyaoil futures rose for a second day on Wednesday, as crude oil prices hovered near record highs raising the prospect for more diversion of vegetable oils for biofuel. A weakening rupee that slid to 41.305/315 per dollar, down more than 4 percent this year also added to the upward pressure on prices.
India imports about 40 percent of its edible oil consumption. At 3:19 pm (0949 GMT), May futures on the National Commodity and Derivatives Exchange were up 0.91 percent at 585.45 rupees ($14.2) per 10 kg, while the June futures rose 1.17 percent to 587.50 rupees.
"High crude oil prices and a weak rupee are driving prices across the edible oil complex," an analyst said. India mainly imports palm oil from Malaysia and Indonesia and soyaoil from Argentina and Brazil.

Copyright Reuters, 2008

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