One rupee: The interim price at which MCX settled April crude oil contract

Brokers urge exchange and Sebi to work out an amicable price, as over 11,000 lots of open interest in the April contract were standing and couldn't be carried forward or squared off yesterday

Following yesterday’s sharp fall in West Texas Intermediate, or WTI crude oil on the Nymex, which traded in the negative $40 range, MCX fixed an interim and provisional price of one rupee on its April contract which expired at 5pm. The formula for the settlement price was not followed yesterday, otherwise the settlement would have been at the negative $37.8 closing Nymex price. In in rupee terms it would be much, much lower in the minus zone.

An MCX circular clarifie that the one-rupee price is provisional and, “Differential settlement, if any, on fixation of the final settlement price shall be