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Crude oil futures edge up 0.31% on positive Asian cues

The oil for July delivery moved up Rs 7, or 0.18%, to Rs 3,874 per barrel, with a business volume of 203 lots. Marketmen said the rise in crude oil futures was largely in tandem with a hardening trend in Asian trade on bargain-hunting after dropping last week, but a supply glut and a resurgent dollar may limit gains.

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Crude oil futures prices rose 0.31% to Rs 3,825 per barrel today as speculators created positions amid a firm trend in Asia.

In futures trading at Multi Commodity Exchange, crude oil for delivery in June contracts was trading higher by Rs 12, or 0.31%, at Rs 3,825 per barrel, with a business turnover of 1,987 lots.

The oil for July delivery moved up Rs 7, or 0.18%, to Rs 3,874 per barrel, with a business volume of 203 lots.

Marketmen said the rise in crude oil futures was largely in tandem with a hardening trend in Asian trade on bargain-hunting after dropping last week, but a supply glut and a resurgent dollar may limit gains.

Meanwhile, West Texas Intermediate crude prices for July advanced 14 cents to US $59.86 while Brent for July gained eight cents to US $65.45 a barrel in late morning trade on the New York Mercantile Exchange. 

Crude prices rose on bargain-hunting in Asia today after sliding last week, but a supply glut and a resurgent dollar are likely to cap gains, analysts said.

US benchmark West Texas Intermediate for July delivery climbed 14 cents to US $59.86 a barrel and Brent crude for July added eight cents to US $65.45 in late-morning trade.

Pramit Brahmbhatt, Veracity Group CEO, said, "The rupee for the day ended near yesterday's close slightly on a weak note at 63.57 taking cues from strong dollar index". Though for the day exporters were seen selling dollar which saved the rupee from falling further as local equities closed down by over one per cent.

The trading range for the Spot USD/INR pair is expected to be within 63.20 to 64.00.

In the forward market, the premium declined moderately on receivings from exporters.

The benchmark six-month premium payable in October moved down to 199-201 paise from the last weekend's level of 201-203 paise while forward contracts maturing in April 2016 also fell to 422.5-424.5 paise from 425.5-427.5 paise previously.

The Reserve Bank of India fixed the reference rate for dollar at 63.6228 and for the euro at 69.9342.

The rupee firmed up further against the pound sterling to 98.36 from the last weekend's level of 99.27 while looked up against the euro to 69.77 from 71.00 previously.

The domestic currency moved up further against the Japanese currency to 52.30 per 100 yen from 52.52 last week.

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