Crude Oil Prices  

The Indian rupee appreciated by 9 paise to 70.81 against the US dollar in early trade. However, rising crude oil prices capped the gains for the domestic unit.

The rupee traded lower by 5 paise at 70.93 against the US dollar in early trade. It had closed at 70.88 on Thursday on foreign fund inflows. Crude oil prices eased after a quick recovery in Saudi Arabia's production.

The rupee opened 22 paise lower at 71.82 against the US dollar amid elevated crude oil prices. Surging crude oil prices have emerged as major fears for India 

Forex traders said fall in global crude oil prices and fresh foreign fund inflows also enthused investors as the rupee rose 26 paise to 70.88 against the US dollar

On July 3, the rupee had settled at 68.89 against the US dollar. Easing crude oil prices, positive opening in domestic equities supported the rupee
 

Petrol prices have been cut by more than Rs 5.49 per litre and diesel by Rs 3.82 in the past one month in Mumbai.

The rising cost of petrol and diesel due to increasing crude oil prices globally along with a weak rupee is the latest setback for drivers already operating on thin margins

Sources said that PM Modi will meet the chief executives of major global and Indian oil and gas companies as the US sanctions on Iran comes into effect from November 4, and as crude oil prices continue to be volatile. 

The Brent crude oil prices fell by more than 1 per cent on Monday after the US said it may grant waivers to sanctions against Iran's oil exports next month

Prices of petrol and diesel have been on the rise since mid-August, rising almost every day due to a combination of a drop in the dollar-rupee and rise in crude oil prices