The Indian rupee that declined to a record low of 56.39 against the U.S. dollar in late morning deals on Thursday recovered slightly in early afternoon trading. At present, the rupee is worth 56.14 per dollar.
The rupee hit a new all-time low today despite the country's state-owned oil marketing companies (OMCs) hiked gasoline/petrol prices steeply on Wednesday.
Gasoline prices were hiked by 6.28 rupees per litre excluding value added tax/sales tax, the Indian Oil Corporation said in a statement.
The latest hike is the biggest ever and took analysts by surprise as a 5 rupees increase was widely expected. India deregulated gasoline prices since June 2010. The previous revision was in December 2011.
by RTT Staff Writer
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