Shares of three PSU OMCs rose by 2.71% to 3.35% at 13:37 IST on BSE as rupee edged higher against the dollar today, 25 March 2014.
HPCL (up 3.35%), BPCL (up 3.19%) and Indian Oil Corporation (up 2.71%), edged higher.
The S&P BSE Sensex was down 33.74 points, or 0.15% at 22,021.74.
A strength in rupee against the dollar has eased concerns of higher cost of crude oil imports. Public sector oil marketing companies (PSU OMCs) import about 70-75% of their crude oil needs and rely heavily on foreign currency borrowings, which largely remain unhedged.
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