Crude Oil

The rupee fell 9 paise to register a lifetime low of 83.22 (provisional) against the US dollar on Thursday. This marks the fourth consecutive day of the downward trend of the rupee. The fall was credited to the firm American dollar and increased crude oil price.The rupee depreciated by 9 paise and settled at its all-time low level of 83.13 against the US dollar.

The rupee depreciated 16 paise to an all-time low of 82.33 against the US dollar in early trade on October 7. The constant fall in the Indian rupee, against US Dollar, and the risk-averse sentiment among investors. Moreover, a negative trend in domestic equities elevated crude oil prices. In addition,  30-share BSE Sensex was trading 111.83 points at 58,110.27, while the broader NSE Nifty fell 38.00 to 17,293.80.

Amid the ongoing energy crisis in Sri Lanka, the island nation's Power and Energy minister Kanchana Wijesekara said that Lanka is in talks with Russia for the purchase of fuel. "We have made requests to many countries," he said. He also said that India is the only country that is currently providing a credit line to Sri Lanka. Meanwhile, Russia is selling fuel at discounted costs due to western sanctions.

China has seemingly started to make use of Russia's discounted crude oil prices, as Russia became China's largest supplier of oil, overtaking Saudi Arabia. Amid western sanctions against the Russian invasion of Ukraine, Russia discounted the prices of its crude oil. As per data, China has imported 8.42 million metric tons of crude oil in May, which is 55% more than the previous year.

With an increase in crude oil prices, IndiGo's director and CEO Ronojoy Dutta requested the central government to bring the Aviation Turbine Fuel (ATF) under the ambit of GST. He pointed out that with the ongoing war, the prices have increased to up to 50%. He further stated that an increase in fuel prices will lead to consequences on the economy and tourism sector.