Rupee Hits Record Low as Oil Shock and Outflows Rattle Indian Markets
India's rupee sank to a record low as an oil shock and intensifying capital outflows deepened the foreign-exchange strain that had already prompted Prime Minister Narendra Modi to urge households to conserve fuel, work from home and curb gold purchases. The currency remained vulnerable to further losses amid worries a US-Iran truce may collapse, prolonging pressure from higher energy costs.
The stress has spread across Indian markets. The Financial Times reported foreign investors' exit from India had reached a record high, while Indian stocks have lost about ₹11 trillion over the past four trading days, with the Sensex down 4.21% and the Nifty off 3.81%.
From the sources (25 posts)
@reutersModi urges India to conserve fuel as global price surges
@disclosetvNEW - India's PM Modi calls for citizens and businesses to conserve fuel, carpool, use electric cars and adopt the Covid-19 strategy of working from home, "in the interest of the country."
@clashreportIndia's Modi: Friends, we have to reduce the use of petrol and diesel. In cities where there is metro, we should decide that we will use only the metro. At the most, I will travel by metro. If it is necessary to travel by car, then try t
@businessIndian Prime Minister Narendra Modi appealed to citizens to cut fuel use and avoid unnecessary travel as rising oil prices from the Iran war threaten to widen the nation’s import bill and strain foreign-exchange reserves.
@reutersModi urges limits on fuel use, travel and imports to save forex
@jackprandelli🇮🇳 India's Prime Minister just asked 1.4 billion people to use less fuel, travel less, buy less gold, and eat less cooking oil. Modi's full list of asks, announced today: -Work from home and use online meetings to reduce fuel consumption
@businessModi has called on Indians to avoid buying gold for at least a year to preserve foreign-exchange reserves, a surprising appeal in a country where the metal plays a vital role in savings, weddings and religious festivals
@cnbcModi says Iran war poses severe risks to India, urges cuts in fuel use and gold purchases
@theinsiderpaperNEW: India's PM Modi has called on Indians to avoid buying gold for at least a year to preserve foreign-exchange reserves, a surprising appeal in a country where the metal plays a vital role in savings, weddings and religious festivals - Bl
@ftModi calls on Indians to tighten their belts amid Gulf crisis
@bbcworldModi urges Indians to WFH and limit foreign travel as Iran war continues
@reutersRBI steps in to support rupee as U.S.-Iran deadlock, Modi remarks spook traders
@osint613PM Modi asked Indians to avoid buying gold for at least a year to preserve foreign-exchange reserves. - Bloomberg
@businessIndian jewelry stocks dropped after Prime Minister Narendra Modi called on citizens to avoid buying gold for at least a year, a surprising appeal in a country where the metal plays a vital role in savings, weddings and religious festivals.
@wsjPrime Minister Modi asked citizens to avoid buying gold jewelry for functions, coming as the country’s appetite for the precious metal continues to drive foreign-currency spending.
@ajenewsUPDATE: India’s Modi calls to avoid buying gold, cut fuel consumption 🔴 LIVE updates:
@ajenglishIndia’s PM has urged people not to buy gold for a year, reduce fuel consumption and conserve foreign exchange as the Iran war drags on. 🔴 LIVE updates:
@reutersIndian Prime Minister Narendra Modi called on citizens to use less fuel, work from home and reduce imports, as surging global energy prices strained the country's foreign currency reserves.
@businessIndian Prime Minister Narendra Modi has appealed to citizens to conserve fuel and avoid unnecessary travel due to rising oil prices from the Iran war. Bloomberg's Ruchi Bhatia reports
@reutersIndian Prime Minister Narendra Modi called on citizens to use less fuel, work from home and reduce imports, as surging global energy prices strain the country's foreign currency reserves
@ajenewsIndia’s Prime Minister Narandra Modi is urging people to re-adopt the same measures used during COVID-19. He is calling for a reduction in the use of petrol and diesel as fallout from the US-Israeli war on Iran drives steep price increases
@selkis_2028RT @BullTheoryio: ABSOLUTE BLOODBATH 🚨 ₹4 trillion has been wiped out from the Indian stock market today after PM Modi's speech. Sensex a…
@firstsquawkForeign investors’ exit from India at record high-FT
@reutersIndian rupee sinks to record low on oil shock; outflows intensify pressure
@reutersRupee at risk of slipping to all-time low on worries US-Iran truce may collapse