February 25, 2020
Thus we expect the impact on the refiners credit metrics
Indian refineries, which import over 80 per cent of their crude feedstock from overseas, sourced about 14 per cent of their imports from Iran."Assuming a complete cessation of imports of Iranian crude and USD 3 per barrel negative impact on earnings because of that, on the barrels being substituted, we estimate total decline in earnings for Indian refiners to be USD 400-500 million, against combined EBITDA of about USD 10 billion for the 3 largest state-owned Indian refiners in 2017-18," it said.India is the second largest buyer of Iranian crude after China, accounting for about 30 per cent of total crude exports from the Persian Gulf nation during April-August 2018."
We expect Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month or so.9 MT of crude, out of which about 14. Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing their dependence on other Middle Eastern suppliers like Saudi Arabia and Iraq, Moody's Investors Service said on Thursday.
US is working with countries that import Iranian oil to cut their purchases substantially.Iranian crude is usually sold at a discount of up to USD 2-4 per barrel to other Middle Eastern crude oil grades.4 million tonne (MT) of crude oil in 2017-18 fiscal, out of which about 9. New Delhi: Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing their dependence on other Middle Eastern suppliers like Saudi Arabia and Iraq, Moody&
China building block flat twin screw barrels Suppliers39;s Investors Service said on Thursday." Iranian crude oil is imported into India by refiners including Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), Reliance Industries, Nayara # Energy and Mangalore Refinery and Petrochemicals Ltd (MRPL).
Thus we expect the impact on the refiners credit metrics to be limited.4 per cent was from Iran. It said India imported 220. Iran's national oil company, National Iranian Oil Company, also subsidises the freight costs for crude oil delivery and offers extended payment terms to buyers. Exports to India accounted for 21 per cent of Iran's crude oil outbound shipments in 2017-18 and 30 per cent from April to August 2018."The refiners' exposure to oil price volatility will also increase if they turn to the spot market," Moody's said.4 per cent was from Iran.During April-August 2018, India imported 94.US President Donald Trump earlier this week in a speech to the United Nation's General Assembly reiterated sanctions on Iranian oil exports will take effect on November 5 and that the US is working with countries that import Iranian oil to cut their purchases substantially. "As a result, Indian refiners will increase dependence on the remaining Middle Eastern crude oil suppliers (mainly Saudi Arabia and Iraq), aside from Iran," Moody's said."The sanctions on Iranian oil are credit negative for Indian refiners because their supplier concentration will increase after the sanctions take effect
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The home currency Wednesday opened higher by 18 paise
In forward market today, premium for dollar edged higher due to mild paying pressure from corporates.50 paise on Tuesday.97, the rupee managed to pull back early steep losses before ending at 71.The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 71.The local unit, however, rebounded against the Japanese yen to finish at 64.Worsening global trading conditions against the back drop of escalating trade wars and rising global oil prices largely caused panic among forex traders.In the cross currency trade, the rupee remained under pressure against the pound sterling to end at 91.05 per cent.58 on fresh bouts of dollar selling by state-run banks.The bond yield curve, however, softened to 8.33 a barrel in early Asian trade.38.24 per cent.At the inter-bank foreign exchange (forex) market, the rupee resumed higher at 71.75, down 17 paise against the US currency as surging oil prices and weak trend in emerging market currencies weighed on sentiments.However, the Reserve Bank swung into action to put a floor under the sliding currency and stave off a full-blown meltdown.
The home currency Wednesday opened higher by 18 paise at 71.Besides twin deficits phenomenon, the domestic economy faces a set of risks at this juncture, a forex dealer warned.29 per 100 yens from 64.50-122.95 per pound from 91.7533 and for the euro at 83.Any further sharp erosion in the rupee would lead to a wave of corporate bankruptcies and rating impact on these companies as they have kept most of their foreign currency exposures unhedged largely bettting on rupee stability, he added.75, showing a fall of 17 paise, or 0.77 and also dropped against the euro to close at 83.India is vulnerable to large scale capital flight if the uncertainty persist and may see investors make their way back into developed markets due to rising interest rates in the US and other major economies.Intra-day, the domestic unit plummeted to a historic low of 71.1310.
Heavy sell-off in local equities also weighed on the forex front.After hitting a fresh record low of 71.It strengthened to 71.97 a dollar before finding some respite, staging some recovery towards the tail-end..12 as compared to 82.72 yesterday.Globally, the USChina injection molding screw head and rings Suppliersdollar rose broadly as concerns grew that US President Donald Trump may soon ramp up a trade war with Beijing by imposing tariffs on more Chinese imports. The Indian rupee's unabated fall continued for the sixth straight session Wednesday, hitting yet another closing low of 71.The benchmark six-month forward premium payable in January 2019 firmed up to 123-125 paise from 120.40 a dollar.Meanwhile, crude prices extended their losses, sliding towards USD 77 a barrel, as a tropical storm hitting the US Gulf coast weakened, offsetting support from forecasts of lower US inventories and sanctions against Iran. Mumbai: The Indian rupee's unabated fall continued for the sixth straight session Wednesday, hitting yet another closing low of 71.50 paise and the far-forward July contract also rose to 276-278 paise from 269.The battered rupee has lost 165 paise in the last six trading sessions.35 earlier.Benchmark Brent crude oil is trading at USD 77.50-271.75, down 17 paise against the US currency as surging oil prices and weak trend in emerging market currencies weighed on sentiments.97 a dollar.Most emerging market currencies came under pressure, tumbling to new record lows.40 against overnight close of 71.37 a dollar in late morning deals before collapsing to historic lows on panic dollar buying.The domestic unit plummeted to a historic low of 71.Against a basket of other currencies, the dollar index is up at 95
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February 19, 2020
In the international commodity front global crude prices
124 billion in the week to January 5, the RBI said. (Photo: PTI) Mumbai: The Indian rupee suffered a major setback and endured a sharp reversal in fortunes against the US currency on fresh bouts of dollar demand amid fears of a flare-up in global crude prices.
In the international commodity front global crude prices rallied for the fourth straight week with the Brent topping the key USD 70 a barrel for the first time in more than three years fueled by a surprise drop in U.85 in early breakneck selloff before similarly climbing back to regain some lot ground to end at 63. But, India’s oil demand grew at its slowest pace in four years in 2017 at only 2.The dollar index, which measures the greenback&
blown film extruders Factory39;s value against a basket of six major currencies, was down at 91.63, capping a spectacular two-week upsurge. The home currency had strengthened by a whopping 68 paise.
The Indian currency, later plummeted to hit a fresh 2018 low of 63. production and lower inventories.In the meantime, country's foreign exchange reserves surged by USD 1.Elsewhere, the Euro surged ahead to hit its highest level in three-years against the US dollar following a breakthrough in German coalition talks to form a so-called Grand coalition. Country's foreign exchange reserves surged by USD 1.25 before retreating due to mmense dollar pressure.33 from last weekend close of 63.63, showing a loss of 26 paise, or 0.The expensive oil prices have been making some headlines recently worldwide.3 percent.The British Pound continues to push higher against the greenback, snapping a 3-day slide.758 billion to mount a new record high of USD 411.
Though, expectations of more inflows from foreign investors after the government allowed foreign direct investment across several sectors, largely cushioned the fall.At the Interbank Foreign Exchange (forex) market, the home currency opened the week with a strong footing at 63.The Indian rupee hit a fresh 3-year high of 63.It was a highly volatile week for the forex market and witnessed wild swings following a sudden revival of the elasticity pessimism on hardening worries over fiscal slippage and higher inflation pressure after international crude oil prices hit a new three-year high..80 a barrel.The sudden spike in crude prices can play spoilspot for the currency market, which started the New Year with a bang, he added.37 against the US dollar last Friday.124 billion in the week to January 5.63.758 billion to mount a new record high of USD 411. Fresh demand for the American currency from banks and importers alongwith the broad based dollar strength against some currencies overseas put the rupee on backfoot despite a record breaking rally in local equities, a forex dealer said.On the global front, the dollar slumped to a more than three-year low against the euro on Friday, as the common currency extended its gains on hopes that European Central Bank policymakers are preparing to reduce their vast monetary stimulus program.
The RBI, meanwhile fixed the reference rate for the USD at Rs 63.41 per cent.S.37 on steady dollar selling from exporters and banks.5301, respectively.10 in early trade.Breaking an extreme bullish uptrend, the home currency retreated sharply from a fresh three-year high and ended lower by 26 paise at 63.It touched a fresh three-year high of 63.Home currency retreated sharply from a fresh three-year high # and ended lower by 26 paise at 63. Brent crude futures settled at USD 69.5263 and Euro at Rs 76
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