The broader markets are, however, outperforming the larger peer.
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
"Under different scenarios, we see the impact of higher crude prices ranging from $25 billion to a maximum of $50 billion on the oil import bill. The increase in the oil import bill will also affect the current account deficit," economic affairs secretary S C Garg said in a conference on Friday.
The rupee had last ended at 67.22 per dollar on March 16, 2016.
Usually, a fall in oil prices is followed with a cut in retail prices of auto fuels and the government passes on the benefit to consumers. However, Morgan Stanley believes gains this time around will remain capped.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
Oil and select auto heavyweights bore the brunt of selling pressure; ONGC, RIL, Tata Motors, M&M key losers.
Economics and politics both have major roles in determining oil prices.
The positive bias was aided by metal, realty and auto indices
Even if the central bank doesn't pull the trigger later, it is still expected to by the end of the year.
Bank shares were the top losers after sharp gains last week.
Market breadth remained strong with 1,581 advances over 1,018 declines on the BSE
Foreign exchange reserves of the oil producers have increased by $1.1 trillion over the past decade.
Consequences of China's efforts to stabilise its equity markets after three weeks of declines, which wiped out some 30 per cent of the value is far more importance to the world, says Clyde Russell.
ONGC, Sesa Sterlite, Tata Steel, RIL and HDFC emerged as the biggest losers
Traders have all but given up attempting to predict where the new-year rout will end
The task of Union Finance Minister Arun Jaitley to keep inflation under check, even when the country reeled under severe drought for two years in a row, and reduce the current account deficit, was made easier by low crude oil prices.
BSE Realty index zoomed by almost 7% followed by counters like Metal, Oil & Gas, Auto, Banks, Auto, Healthcare and Power, all surging between 1-5%.
Asia has opened largely in the green ahead of a raft of Chinese data due during the day.
Index heavyweights Reliance Industries, HDFC and Infosys were the top Sensex gainers.
This is the Centre's highest-ever budgeted capital outlay.
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