These countries are feeling the heat from the US shale oil producers.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
Weakness in the greenback overseas against the backdrop of sluggish US macro data outcome helped the home currency move higher
The rupee on Monday slipped by 5 paise to close at 63.57 per dollar on fresh demand for the American currency from banks.
One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
2018 has been a disappointing and highly volatile year for equity investors.
'Tehran,' Foreign Minister Zarif said, 'had expected the Modi government to be "more resilient" in the face of Washington's bullying,' notes Ambassador M K Bhadrakumar.
The group issued a profit warning last year as it was hit by the slump in oil prices.
The domestic currency tumbled by 45 paise or 0.68 per cent in two days.
'After multiple days of losses, any relief rally is welcome. However, the trend hasn't changed.'
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
Gold was among the least bruised by Monday's selloff, dropping half a percent versus a 6 percent slide in Brent crude and a 2 percent decline in copper.
Foreign brokerage Bank of America Merrill Lynch (BofAML) on Friday said a "dovish" Reserve Bank will slash key interest rates by 0.25 per cent at the February review meet and will do cuts of 0.75 per cent in 2015.
Govt may not announce any new concessions in excise duty
The public has benefited from this decline in crude oil, which has translated into lower prices of petrol and diesel.
For the week, the battered rupee gained 26 paise against the greenback
FIIs hold as much as 27 per cent in the over $1.6 trillion Sensex market capitalisation as of the September quarter, which is at a historic high.
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
Oil and select auto heavyweights bore the brunt of selling pressure; ONGC, RIL, Tata Motors, M&M key losers.
On Friday, the rupee had gained 9 paise to close at a fresh one-week high of 67.08.
Rupee is under pressure against the dollar say currency watchers.
"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.
India is the second largest buyer of Iranian crude, after China.
For now, the upside appears to offset damage done to exports by weaker global demand.
The Rupee is seen strengthening against the dollar.
The dollar strengthened against major world currencies.
Axis Bank emerged as the biggest gainer in the Sensex pack, surging 6.62 per cent, followed by SBI at 5.88 per cent.
Muted global trend after a report that US President Donald Trump was preparing to impose more tariffs on China hurt trading sentiments.
On Friday, the euro weakened to a near 14-month-low against the dollar, after the European Central Bank announced a fresh round of stimulus and promised more if required.
The growth has slowed down with exports at $6.7 billion last year.
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This weakness is likely to continue in the near-term.
OPEC agrees to keep pumping as oil glut fears persist.
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.
The major US indexes pared losses late in the session.
The view among the regulator and the government is that the currency is overvalued
Chinese shares opened lower, with the Shanghai Composite Index down 1.8% and the CSI300 index down 2.2%.
The rupee had last ended at 67.22 per dollar on March 16, 2016.
The Indian basket represents the price of Oman and Dubai sour grade crude.
