PSU oil firms gain as strong rupee eases crude, dollar debt worries

Written by Reuters | Mumbai | Updated: Sep 19 2013, 21:10pm hrs
Shares in state-owned oil retailers gain as a rally in the Indian rupee against the dollar was seen easing concerns about higher cost of crude oil imports and dollar debt, dealers say.

Hindustan Petroleum Corporation Ltd gains 3.8 per cent, Bharat Petroleum Corporation Ltd surges 6.1 per cent, while Indian Oil Corp is up 1.8 per cent.

The rupee surged as much as 2.8 per cent on Thursday, hitting its highest in a month, as the US Federal Reserve's decision not to dial back its easy money policy is expected to provide a reprieve to the local central bank in its policy making.