India crude basket surges as rupee falls

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India crude basket surges as rupee falls
The falling value of the rupee has pushed the prices of India's rude basket higher. On November 15, India's crude basket was trading at Rs 5930, as against Rs 5797 during the November1-15 fortnight.

The prices are likely to go up further, as international prices have firmed up following escalating tensions in the Middle East and a drop in the value of the rupee.

Meanwhile, oil marketing companies are currently incurring daily under-recovery of Rs 412 crore on the sale of Diesel, PDS Kerosene and Domestic LPG.

The under recoveries are likely to push the government's fiscal deficit higher.

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