Crude

The rupee depreciated by 10 paise to 82.66 against the US dollar on Tuesday amid a rise in crude oil prices and unabated foreign fund outflows from the domestic equity market.

The rupee continued its upward trend and rose 11 paise to 82.48 against the US dollar in early trade on Monday, tracking fall in crude oil prices and firm Asian currencies.

Petroleum Minister Hardeep Singh Puri on Tuesday said Western countries are "not unhappy" that India is buying Russian oil, and pointed out that had India bought more oil from Gulf counties, it would have pushed up crude prices.

Traders said fall in crude oil price and weaker dollar against major currencies restricted the fall of the Indian currency.

Pakistan, which is currently grappling with high external debt and a weak local currency, is desperate to purchase cheap crude at discounted rates from Russia.

China, which is set to import record volumes of Russian crude in March, typically sweeps up all of the ESPO crude exported from the Pacific port of Kozmino due to close proximity while sanctions on Russian oil have shrunk the pool of buyers.

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia.

There is "no contradiction at all" in India remaining one of the key global partners of the US and the country's increasing procurement of discounted crude oil from Russia, said a top US official.

By driving a hard bargain with Russia in procuring crude oil at the lowest price possible, India is furthering policy of G7 to reduce Russian oil revenues and Washington is comfortable with New Delhi on issues relating to energy security, said US.

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said.

A masked man threw two crude bombs on a government university campus in Madhya Pradesh's Jabalpur. The incident was captured on CCTV camera.

India's appetite for Russian crude oil in January rose to unseen levels as refiners rushed to snap up plentiful cargoes available at a discount to other grades.

Russia will slash its crude oil output by five percent next month, Deputy Prime Minister Alexander Novak announced Friday, in response to a price cap imposed by Western countries.

Rising crude prices and continued selling by foreign investors also weighed on market sentiment, traders said.

India is playing an increasingly important role in global oil markets, buying more and more cheap Russian oil and refining it into fuel for Europe and the US.

The rupee depreciated by 10 paise to 82.66 against the US dollar on Tuesday amid a rise in crude oil prices and unabated foreign fund outflows from the domestic equity market.

The rupee continued its upward trend and rose 11 paise to 82.48 against the US dollar in early trade on Monday, tracking fall in crude oil prices and firm Asian currencies.

Petroleum Minister Hardeep Singh Puri on Tuesday said Western countries are "not unhappy" that India is buying Russian oil, and pointed out that had India bought more oil from Gulf counties, it would have pushed up crude prices.

Traders said fall in crude oil price and weaker dollar against major currencies restricted the fall of the Indian currency.

Pakistan, which is currently grappling with high external debt and a weak local currency, is desperate to purchase cheap crude at discounted rates from Russia.

China, which is set to import record volumes of Russian crude in March, typically sweeps up all of the ESPO crude exported from the Pacific port of Kozmino due to close proximity while sanctions on Russian oil have shrunk the pool of buyers.

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia.

There is "no contradiction at all" in India remaining one of the key global partners of the US and the country's increasing procurement of discounted crude oil from Russia, said a top US official.

By driving a hard bargain with Russia in procuring crude oil at the lowest price possible, India is furthering policy of G7 to reduce Russian oil revenues and Washington is comfortable with New Delhi on issues relating to energy security, said US.

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said.

A masked man threw two crude bombs on a government university campus in Madhya Pradesh's Jabalpur. The incident was captured on CCTV camera.

India's appetite for Russian crude oil in January rose to unseen levels as refiners rushed to snap up plentiful cargoes available at a discount to other grades.

Russia will slash its crude oil output by five percent next month, Deputy Prime Minister Alexander Novak announced Friday, in response to a price cap imposed by Western countries.

Rising crude prices and continued selling by foreign investors also weighed on market sentiment, traders said.

India is playing an increasingly important role in global oil markets, buying more and more cheap Russian oil and refining it into fuel for Europe and the US.