Price: $ 1295 
BMI View: The main challenge facing the petrochemicals industry will be the volatility of the rupee. The currency's recent collapse poses an upside risk to future cost rises, particularly when combined with any crude price rises, and would undermine operating margins. India depends on crude imports for over a third of its energy needs and as petrochemicals feedstock is primarily naphtha reliant, the industry is exposed to exchange rate fluctuations. If sustained, a weaker rupee could see lower output levels as buyers in a slower market will be unwilling to absorb price increases. Indeed, while the rupee was weakening and the cost of crude imports rose in local currency terms, polymer prices did not move significantly. This most recent episode of extreme currency weakness poses a downside risks on ...
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