Lower value of the rupee against the US dollar in the first six months of the current financial year (FY24) vis-à-vis the corresponding period of FY23 pushed up India’s crude oil imports for the former period by over Rs 25,000 crore, or 5 per cent, shows an analysis of India’s official trade data.
Rupee depreciation also negatively impacted petroleum product imports in value terms, but its positive effect on value of petroleum product exports from India partly offset the hit to the country’s overall oil and petroleum product trade in the first half of FY24.
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