Oil importers fall as rupee slumps below 60-level.... Shares in oil marketing companies extended losses on Tuesday after the rupee slipped below the 60 to the dollar mark, raising concerns about increased costs of importing oil. The rupee fell to a three-week low on Tuesday, erasing all gains made since the Reserve Bank of India first announced early this month it would defend the currency by tightening cash, reflecting doubts about how long the central bank can sustain the measures. Hindustan Petroleum Corp Ltd (HPCL.NS) fell 10.4 percent, Bharat Petroleum Corp Ltd (BPCL.NS) fell 7.87 percent and Indian Oil Corporation Ltd (IOC.NS) fell 8.33 percent.
Posted on: Tue, 30 Jul 2013 11:24:15 +0000
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