Currency woes back to haunt OMCs

Investors could watch out for oil marketing companies' (OMCs) fortunes next week, as rupee plunged 73 paise to 62.66 against the US dollar. Weakness in rupee against the US dollar may raise cost of crude oil imports and that could pose problem to OMCs bottom line directly. Besides, it will become a double whammy for OMCs, if the Government agreed to a proposal to increase the subsidised cylinders to 12.