Rupees depreciation against US dollar leads to rise in crude oil prices

New Delhi, Oct 31 (ANI): The international crude oil prices for Indian Basket increased to US$107.65 per barrel on Tuesday.

This was higher than US$ 107.29/bbl on the previous trading day's figures of October 29.

In rupee terms also, crude oil price increased to Rs 5831.40 per bbl on October 30 as compared to Rs 5773.27 per bbl on October 29.

This was due to price increase in dollar terms and rupee depreciation with rupee-dollar exchange rate on October 30 at Rs 54.17 /US$ against Rs 53.81 /US$ on October 29.

The rupee fell by 19 paise to 54.17 rupees against the US dollar in the late morning trade on month-end dollar demand from importers despite weak dollar overseas.

The rupee resumed slightly higher at 53.96 a dollar at the Interbank Foreign Exchange Market. However, it declined immediately to 54.23 before quoting at 54.17 when reports last came in.

According to a Forex Dealer fresh month-end dollar demand from importers, mainly oil companies, affected the rupee's value against the dollar. (ANI)


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