State-owned oil companies gain; strong rupee eases crude, dollar debt worries

Reuters

Reuters Market Eye - Shares in state-owned oil retailers gain as a rally in the rupee against the dollar was seen easing concerns about higher cost of crude oil imports and dollar debt, dealers say.

Hindustan Petroleum Corp Ltd (NSI:HINDPETRO.NS - News) gains 3.8 percent, Bharat Petroleum Corporation Ltd (NSI:BPCL.NS - News) surges 6.1 percent, while Indian Oil Corp (NSI:IOC.NS - News) is up 1.8 percent.

The rupee surged as much as 2.8 percent on Thursday, hitting its highest in a month, as the U.S. 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.

(Reporting by Abhishek Vishnoi)

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