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State-owned oil companies gain; strong rupee eases crude, dollar debt worries

Shares in state-owned oil retailers gain as a rally in the rupee against the dollar was seen easing concerns about higher cost of crude oil imports and dollar debt, dealers say.



Shares in state-owned oil retailers gain as a rally in the rupee against the dollar was seen easing concerns about higher cost of crude oil imports and dollar debt, dealers say.

Hindustan Petroleum Corp Ltd gains 3.8 percent, Bharat Petroleum Corporation Ltd surges 6.1 percent, while Indian Oil Corp is up 1.8 percent.

The rupee surged as much as 2.8 percent on Thursday, hitting its highest in a month, as the U.S. Federal Reserve's decision not to dial back its easy money policy is expected to provide a reprieve to the local central bank in its policy making.

Reuters

From Zee News

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