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.
Courtesy: ABP News
Government has increased the jet fuel price also known as Aviation turbine fuel (ATF) by 14 per cent to ₹1.12 lakh per kilo litre in Delhi. This is the highest level since December 2022. This is the third consecutive monthly increase with a total of 26 per cent rise, which has resulted in a major impact on the aviation industry. This come amid crude oil price hike.
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.
In early trade, the rupee fell by 23 paise against US Dollar at Rs 79.68, on August 18. Moreover, the dollar index, which gauges the greenback's strength against six currencies, rose 0.06% to 106.64, whereas, the global oil benchmark Brent crude advanced 0.14% to USD 93.78 per barrel. Meanwhile, the 30-share Sensex was trading 229.29 points at 60,030.84, the broader NSE-Nifty was down 61.15 points to 17,883.10.
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.
The cabinet committee approved the deregulation of the sale of domestically produced crude oil, on June 29. The move has come with an initiative to further the growth of economic activities in the country and to incentivize making investments in the upstream oil and gas sector. The transperancy in the production and marketing of oil and gas has been brought to facilitate more operations.
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.
Courtesy: Hindustan Times
For the 10th time in 11 days, petrol & diesel prices increased by another 80 paise, in the Indian metro cities. On April 2, the new prices in Delhi are Rs 102.61 per litre (petrol), Rs 93.87 per litre for diesel. In Mumbai, Chennai and Kolkata, petrol rates have crossed Rs 100 mark, due to fluctuation in crude oil prices. With this, petrol's overall price increased by Rs. 7.20/litre.
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.
The oil prices have drastically increased because of delay in return of Iranian crude oil to the global markets. However, the reason behind the hike in oil prices is due to the import bans on Russia. On March 6, talks for reviving Iran's 2015 nuclear deal with the world powers, which also included Russia, is now expecting a guarantee from the US that the trade won't be affected.
Courtesy: India Today