Rupee Falls By 14 Paise; All Time Low At 82.33 Against 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.
Tags: trading, US Dollar, Indian Rupee, Crude Oil, Depreciation
Rupee Declines By 23 Paise, At 79.68 Against US Dollar
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.
Tags: trade, US Dollar, NSE NIFTY, Sensex, Indian Rupee, Crude Oil
Sri Lanka Willing To Purchase Fuel From Russia Amid Energy Crisis
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.
Tags: Sri Lanka, Energy Crisis, Economic crisis, Russia, Crude Oil
Sale Of Domestically Produced Crude Oil To Be Deregulated: Cabinet Committee
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.
Tags: Oil, gas, Crude Oil, Cabinet Committee, ONGC
Russia Becomes Largest Supplier Of Crude Oil To China Surpassing Saudi Arabia
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.
Tags: China, Russia, Western Sanctions, Crude Oil, Ukraine
Courtesy: Hindustan Times
Petrol, Diesel Price Continues To Hike In Metropolitan Cities
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.
Tags: fuel prices, Petrol, Diesel, increased, Crude Oil
IndiGo CEO Raises Concerns Over Increased AFT Prices
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.
Tags: IndiGo, CEO, GST, Crude Oil, Central Government
Delay In Crude Oil Export From Iran Leads To Increased Global Price
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.
Tags: Iran, Crude Oil, International Oil Markets, Ukraine Russia Crisis, US President
Courtesy: India Today
Crude Oil Price Hike Leads To Expensive Raw Material, Says JSPL MD
Jindal Steel and Power Ltd (JSPL) Managing Director V R Sharma stated that Crude oil is leading towards a hike in the Raw Material Prices, amid Ukraine-Russia War. ''Some oil companies are taking advantage of the situation. Respective governments across the world can keep price control as everything is run by energy,'' stated Sharma. Notably, the oil prices have hiked to 120 USD a barrel, and is expected 180 USD.
Tags: business, Crude Oil, Price Hike, V R Sharma, JINDAL STEEL AND POWER
Courtesy: The Economic Times
Fuel Prices Likely To Drop As Centre Decides To Release Crude Oil From Its Reserves
The Centre has agreed to release 50 lakh barrels of crude oil from its Strategic Petroleum Reserves, which might lead to a further decline in gasoline prices in the coming days. The decision was made after Hardeep Singh Puri, Minister of Petroleum and Natural Gas, met with top ministry officials and executives from oil marketing corporations. Besides, the U.S also contacted India to surrender its petroleum reserves to reduce crude oil prices… read-more
Tags: Crude Oil, India, business, America, Hardeep Singh Puri
Courtesy: India TV