Oil Prices  

The rising cost of petrol and diesel due to increasing crude oil prices globally along with a weak rupee is the latest setback for drivers already operating on thin margins

Sources said that PM Modi will meet the chief executives of major global and Indian oil and gas companies as the US sanctions on Iran comes into effect from November 4, and as crude oil prices continue to be volatile. 

The Brent crude oil prices fell by more than 1 per cent on Monday after the US said it may grant waivers to sanctions against Iran's oil exports next month

At the Interbank Foreign Exchange (forex) market, the domestic currency dropped 43 paise to 73.34 against the US dollar in the early trade

Prices of petrol and diesel have been on the rise since mid-August, rising almost every day due to a combination of a drop in the dollar-rupee and rise in crude oil prices

According to Kochi-based Federal Bank, there are signs of a spurt in remittances already, with the banks remittance touching Rs 1,000 crore per week last fortnight, as against the usual average of Rs 700-800 crore.