India mulls cutting gold and electronics imports to protect reserves
NewsBytes | May 11, 2026 11:39 PM CST
PM asks thrift as rupee falls
India buys a lot of its oil from overseas, so supply issues through the Strait of Hormuz are hitting hard: energy costs are up and the rupee has dropped 5.6% against the dollar in 2026.
The country's foreign exchange reserves are still solid at $690.7 billion (enough for about 10 months of imports), but there's pressure to keep things stable.
PM Modi has even asked people to save money by using public transportation more often and holding off on buying gold for now.
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