Shares of three state-run oil marketing companies rose by 1.05% to 3.04% at 12:05 IST on BSE as rupee strengthened against the dollar today, 4 October 2013.
BPCL (up 3.04%), Indian Oil Corporation (up 1.47%) and HPCL (up 1.05%), edged higher.
The BSE Sensex was up 34.49 points, or 0.17% at 19,936.56.
Shares of three public sector oil marketing companies (PSU OMCs) gained as a strong rebound in rupee against the dollar recently has eased concerns of higher cost of crude oil imports. PSU OMCs import about 70-75% of their crude oil needs and rely heavily on foreign currency borrowings, which largely remain unhedged.
In the foreign exchange market, the rupee strengthened against the dollar tracking global dollar weakness. The partially convertible rupee was hovering at 61.42, compared with its close of 61.735/745 on Thursday, 3 October 2013. The rupee had hit its record closing low of 68.80 on 28 August 2013.
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