Fuel prices continue to rise, petrol breaches Rs 69-mark in Delhi

Fuel prices continued to witness the upward trend for the second consecutive day on Friday with petrol and diesel being sold at Rs 69.07 and Rs 62.81 per litre respectively in the national capital.

While petrol price witnessed a hike of 19 paise, diesel got costlier by 28 paise in Delhi.

In Mumbai, petrol and diesel are being sold at Rs 74.72 and Rs 65.73 per litre respectively on Friday.

The fresh increase comes after crude oil rates edged higher on Thursday, supported by comments from the US Federal Reserve chairman, but gains were capped as optimism surrounding US-China trade talks faded.

Meanwhile, the Indian Rupee also fell against the US dollar. On Friday, the Indian Rupee was trading 8 paise lower against the US dollar at 70.49.

Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the Indian Rupee against the US dollar.

Brent crude, the global benchmark, was trading lower at 61.57 per barrel lower by 0.18 per cent.

Traders said, sustained foreign fund outflows however restricted the rupee up move.

Foreign funds pulled out Rs 344.58 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 10.98 crore Thursday, provisional data showed.

Meanwhile, the rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade Friday, driven by gains in domestic equities and weakening of the greenback in overseas markets.

The rupee opened strong at 70.38 at the interbank forex market against previous close of 70.41 per dollar then gained further ground and touched a high of 70.34 amid positive opening in domestic equities, displaying gains of 7 paise against the greenback.

On Wednesday, the rupee had risen by 5 paise to close at 70.41 against the US dollar.

Forex dealers said, selling of the American currency by exporters and easing crude prices supported the rupee in early trade.