Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
The rupee had dropped by 18 paise to end at 66.40
The rupee had lost 27 paise to close at more than 5-week low.
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.
oil market remained under pressure and big gains are unlikely.
Traders have all but given up attempting to predict where the new-year rout will end
The Indian rupee resumed sharply lower at 66.65 per dollar against last Friday's level of 66.48.
While the flood waters receded in Bongaigaon and Sivsagar districts of Assam, fresh inundation occurred at a dozen villages in Nagaon even as four districts continued to reel under the impact of floods on Sunday.
Both crude benchmarks are now down around 20 per cent since their last peak in June
Oil prices continued their rout on Tuesday with Brent crude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.
Oil edged up on Tuesday, steadying after a 5 per cent plunge in the previous session that saw prices touch fresh 5-1/2-year lows in an oversupplied market.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The BSE Sensex moved up 103 points to 35,319.35, while the wider NSE Nifty finished at 10,741.70, up 23.90 points.
The rupee had jumped by 164 paise or 2.39 per cent in previous six trading days.
'China's economy continues to slow and the US Fed may still hike rates before the end of the year.'
Oil & gas, banking and pharma sector stocks stole the show
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
US crude was down 25 cents at $52.08.
Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
The rupee resumed lower at 63.65 per dollar as against previous closing of 63.58 at the Interbank Foreign Exchange (Forex) market.
The BSE gauge Sensex fell 73.88 points to 35,548.26 and the NSE Nifty slid 17.85 points to 10,799.85, taking cues from tumbling global shares.
Britain's 'remain' option gaining traction, with the implied probability of such an outcome at 78 per cent.
The dollar's preliminary moves after the low 80.90 are supportive of a like dollar rally back to 85.50. We should see confirmation of that in the early part of next week, says Sonali Ranade
The oil cartel's decision to maintain the production ceiling at its 2016 level, despite the recovery of the world economy, will ensure shortfalls in supply and high oil prices in the foreseeable future, warns Ambassador D P Srivastava.
The rupee had last ended at 67.22 per dollar on March 16, 2016.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
The positive bias was aided by metal, realty and auto indices
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.
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.
'Flooding forces the animals to disperse out of the park that, in turn, attracts the attention of poachers.'
The 30-share Sensex ended down 159 points at 27,425 and the 50-share Nifty closed down 24 points at 8,299.
The dollar is king in an intermediate correction, says Sonali Ranade
'A positive oil shock has a detrimental effect on growth and activity.'
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