March 6, 2020 / 4:59 AM / 3 months ago

HPCL chief says falling rupee will push up borrowing cost

NEW DELHI (Reuters) - India’s Hindustan Petroleum Corp (HPCL) chairman M.K.Surana said on Friday that the falling rupee will push up its borrowing costs.

“Volatile rupee is not good for any refiner because there is a time lag between purchase of crude and sale of finished goods,” said he said.

On Friday the Indian rupee slipped below 74 to the dollar for the first time in over 16 months.

Reporting by Nidhi Verma; Writing by Aftab Ahmad; Editing by Sanjeev Miglani

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