Foreign media: Indian Prime Minister Modi has urged citizens to adopt measures to conserve foreign exchange, in response to the pressure on the Indian rupee's depreciation and declining foreign exchange reserves caused by rising oil prices due to the Iran conflict.
He recommended reducing fuel and fertilizer usage, avoiding overseas travel, and refraining from purchasing gold. Recently, the Indian rupee has fallen to a historic low against the US dollar. India imports about 90% of its oil and 50% of its natural gas, making it particularly vulnerable to high oil prices.
The Reserve Bank of India has sold foreign exchange reserves to support the rupee and curb arbitrage trading, while also considering ways to attract inflows of US dollars. Historically, India has stabilized its foreign exchange market through measures such as attracting deposits from overseas Indians, issuing foreign currency bonds, easing restrictions on corporate overseas borrowing and investment, increasing import tariffs, and directly providing dollars to oil companies.
Policy analysts believe that Modi’s recent call may signal upcoming policy adjustments to address current foreign exchange and energy pressures.
Original source: toutiao.com/article/1864910840055940/
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