Indian refiners' profits hit by foreign exchange losses

摘要

Mumbai-The steep fall in the value of the Indian rupee against the US dollar has hit local refiners hard, with all of them seeing their earnings plunge in the three months to September 30, the second quarter of the fiscal year. The Indian currency depreciated from Rupees 45.35 to the US dollar at June 30 to Rupees 49.30 on September 30. India's Essar Oil, the oil and gas arm of London-listed Essar Energy, posted a net loss of Rupees 1.66 billion ($33.71 million) in the second quarter, compared with profit of Rupees 1.3 billion a year earlier, because of foreign exchange losses, CFO Suresh Jain said November 8.