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The rupee, Asia's worst performing currency this year, has depreciated about 12 per cent year-to-date against the U.S. dollar, closing at 72.39 on Wednesday, after a record low of 72.99 on Tuesday.
The minister also stressed the need for promoting waterways as a mode of transportation urging investors to come up with offers for plying catamarans and seaplanes.
The rupee plumbed a new life-time low of 72.73 to a dollar, falling 28 paise Tuesday on strengthening American currency as crude prices went past the USD 78 a barrel mark.
Heightened fears that Washington will slap fresh trade tariffs on China also saw investors seek safety in the dollar and pull out of emerging market currencies.
While Washington exerts pressure on other countries to also cut imports from Iran, it is also urging other major producers to raise their output in order not to create too strong of a price hike
If you think that the extortionate fuel prices is weighing heavy on wallet, brace yourself for a volley of price hikes this October that will burn a hole in your pocket.
CPT Chairman P Raveendran said the very large crude oil tanker MV New Diamond with a Panama flag arrived here from Iraq, marking a significant milestone in the 137-year-old history of the Port.
Leaders of the four countries performed the ground-breaking of the project in December 2015 but the project hasn't moved significantly since then.
The US government introduced a raft of new sanctions against Iran on Tuesday, targeting Iran's purchases of US dollars - in which oil is traded - metals trading, coal, industrial software and auto.
The Trump administration is piling pressure on India, China, and other buyers to end all imports of Iranian oil by a November 4 deadline.
The disclosure comes even as sources say the Indian government has instructed oil public sector undertakings (PSU) to be ready for a shortfall in Iranian supplies.
Concerns over China's second-quarter economic growth also weighed on oil prices.
The rising trade deficit is a matter of concern, especially with India's currency already weak and a rising current account deficit would exacerbate the government's fiscal deficit challenges.
The last time BPCL bought high-sulphur Mars crude oil from the United States was in July.
The key determinant, however, is set to be crude oil. Any continued increase would see a heavy impact on the Indian market.