As PM Modi calls for conserving foreign exchange, what steps can India take?
MUMBAI, May 11 (Reuters) – Indian Prime Minister Narendra Modi has urged citizens to adopt practices to conserve foreign exchange as the Iran war-driven spike in oil prices has piled pressure on the rupee and depleted FX reserves. Modi on Sunday said Indians should aim to conserve fuel and fertilisers while avoiding foreign travel and gold purchases. The address “signals a potential policy shift ahead,” Nomura said in a Monday note. The rupee dropped to a record low against the dollar last week. Higher crude prices are particularly detrimental for India, which imports 90% of its oil requirements and about