India eyes local currency payments for West Asian oil amid price surge; rupee fall hurts finances
The Hindu
India seeks to trade oil with West Asian countries in local currencies to combat rising prices and a falling rupee.
The Indian government is “experimenting” with conducting trade with the West Asian countries in local currencies, in a bid to mitigate the fiscal double-hit of surging oil prices and a depreciating rupee, according to two senior officials in the government. Another objective is to save on currency conversion costs.
Follow the Iran Israel war LIVE updates
If this fructifies, it would mean India would be paying for about 80% of its oil imports using local currencies rather than the U.S. dollar.
Also Read | Explained: The India-UAE deal to trade with local currencies
“India is working out a mechanism to pay for imports from the GCC [Gulf Cooperation Council] countries in local currencies,” a senior government official told The Hindu.
The triggers for this move, he explained, were the upward spiral of oil prices and the downward spiral of the rupee.
Samsung Electronics and SK Group said they were asking employees to curb private car use and follow fuel-saving measures
Fuel-LPG crisis LIVE updates: Get real-time alerts on petrol and diesel prices, supply shortages, and pump closures, etc. Follow The Hindu for more updates.
Fuel-LPG crisis LIVE updates: Get real-time alerts on petrol and diesel prices, supply shortages, and pump closures, etc. Follow The Hindu for more updates.
Reuters reported earlier this month that Meta was planning sweeping layoffs that could affect 20% or more of the company’s workforce
There is a kind of awkwardness in a relationship when both parties know something has changed, but neither wants to say it out loud. The partnership between Microsoft and OpenAI seems to have arrived at exactly that moment.
RBI rejects treasury bill bids to manage banking liquidity amid rising yield demands and tight market conditions.
Paradip Port is set to receive 7 million barrels of crude oil amid ongoing West Asia crisis, ensuring supply stability.
Government mandates RBI to maintain retail inflation at 4% with a 2% margin until March 2031, ensuring economic stability.
Stock markets rally for a second day as crude prices fall amid hopes for de-escalation in the West Asia conflict.
FM Nirmala Sitharaman defends Centre's cess collections, emphasizing constitutional rights and states' benefits exceeding collected amounts.
Rupee hits record low of 94.05 against the dollar, despite strong gains in Sensex and Nifty amid market volatility.
Oil companies reassure the public of no fuel shortage, urging against panic buying and reliance on verified information.
GameStop reported a 14% drop in fourth-quarter revenue on Tuesday, a sign that its struggling brick-and-mortar business continues to face immense pressure