West Asia tensions driving forex stress via crude, fertiliser, and gold: FM | Indian Economy | Rupee

By Business Standard

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India’s economy is resilient but the West Asia crisis is exerting pressure on its foreign exchange outgo due to high crude oil, fertiliser and gold prices amid the ongoing conflict, said Finance Minister Nirmala Sitharaman on Monday. Defending Prime Minister Narendra Modi’s appeal to conserve foreign exchange, Sitharaman said the statement must be viewed in the context of volatile global commodity markets and rising import costs. “It is because of high international crude prices — and the high crude prices are ever-changing,” Sitharaman said in Mumbai, noting that prices had remained volatile for about 90 days. India was also grappling with an “unimaginable increase” in international fertiliser and gold prices. “To just put it in context, all these three payments will have to be in foreign exchange. There is no rupee trading there.” #rupee #westasiaconflict #crudeoil #oilprices #nirmalasitharaman #gold #dollar #rupeevsdollar #foreignexchange Important Playlists National News:

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