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Shares of Oil marketing Cos decline as Rs slips below 70 per dollar

The Indian rupee on Tuesday hit a record low of 70 to the American currency (USD), weakening almost 8 paise in trade over Monday’s close. The domestic currency was last seen trading at 69.90 to the dollar.

The USD has gained significantly against emerging market currencies since Monday, factored after a fall down of the Turkish Lira against the USD.

Weakness in the Indian rupee against the US dollar makes oil imports costlier for oil marketing companies. With this factor in view, shares of major oil marketing companies were trading in the red during trade on the NSE on Tuesday.

The stock fall was led by Hindustan Petroleum Corporation (HPCL), down 1.24%, followed by Bharat Petroleum Corporation (BPCL), down 0.65%, Oil and Natural Gas Corporation (ONGC), down 0.21% and Indian Oil Corporation (IOC) down 0.12% during first afternoon hours of trade on the NSE.

Meanwhile, at 2.10 pm, stock benchmarks were trading higher with the Sensex up 256.55 points at 37,901-levels, while the Nifty was up by 85.50 points at 11,441-levels.