Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.5% while the Hang Seng is up 0.5%. The Shanghai Composite is trading down by 0.2%. US stocks closed higher on Thursday on renewed hope that a resolution to a trade dispute with China could be on the horizon. Investors also cheered strong quarterly results from Walmart and Cisco Systems.

Back home, India share markets have opened the day on a strong note. The BSE Sensex is trading up by 221 points while the NSE Nifty is trading up by 56 points. The BSE Mid Cap index opened up by 0.6% while BSE Small Cap index opened the day up by 0.5%.

The rupee is currently trading at 70.23 to the US$.

All sectoral indices have opened the day in green with metal stocks and realty stocks witnessing maximum buying interest.

In the news from the economy. As per an article in a leading financial daily, the slump in the value of the rupee is expected to jack up the oil import bill by at least US$26 billion in the current fiscal.

Things could get worse if the US sanctions on Iran, which would come into effect from November, push up global crude prices.

But the exchange rate has been at an average of Rs 67.6 till August 14. At the beginning of the financial year, it was estimated that the crude oil import bill to be around US$108 billion at an average crude oil price of US$65 per barrel and exchange rate of Rs 65 per dollar.

If the rupee is to stay around Rs 70 per dollar for the rest of the ongoing fiscal, the oil import bill will be US$114 billion, the reports noted.

The finance ministry said if the rupee stays around current levels, the government would have to consider cutting taxes on petroleum products.

India, which imports over 80% of its oil needs, spent US$87.7 billion on importing 220.43 million tonnes (mt) of crude oil in 2017-18. For 2018-19, the imports are seen at almost 227mt.