India weighs FX conservation steps amid oil price spike

Prime Minister Narendra Modi urged India to conserve foreign exchange as energy costs rise following conflict in Iran. The rupee fell to a record low last week after energy supply disruptions reached historic levels. India imports 90% of its oil, making its currency and reserves highly vulnerable to price shocks.

Modi called for reduced spending on fuel, fertilizers, foreign travel, and gold. Nomura analysts said the address signals a potential policy shift to protect depleting reserves.