India's crude basket has surged to Rs 6021, from Rs 5797 for the fortnight Nov 1-Nov 15. The surge in the basket of crude oil is largely on account of the sharp depreciation in the rupee, which makes the crude basket costlier.
The Indian rupee has hit a ten week low and touched Rs 55.52 on Friday. Apart from a depreciation in the India rupee, international prices have oil have rallied.
Escalating tensions in the Middle East, particularly tensions between Israel and Palestine have kept crude prices elevated.
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