US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
"We will be guided by our national interest," he said.
India plans to launch trading of government bond futures within the next two months as part of efforts to deepen its financial markets, according to several sources involved in the discussions with the central bank.
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Shedding its gains from Monday, NIkkei has declined around 0.7% while Hang Seng and Shanghai Composite were trading marginally lower.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
According to Merrill Lynch (BofA-ML) report, Domestic capital markets are likely to remain volatile in the September-November period due to factors like US Fed's policy action, second quarter corporate earnings and Bihar state elections.
The Indian rupee slumped to a record low near 69 to the dollar on Wednesday on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges and volatile global markets.
Weak GDP data and unfaouvrable global data has pulled down Sensex, Nifty.
DLF has long been embroiled in a controversy over a deal that brought windfall profits to Robert Vadra, son-in-law of United Progressive Alliance Chairperson Sonia Gandhi.
Oil Minister M Veerappa Moily has suggested pricking the ballooning oil bill with everything from a street theatre campaign encouraging lower fuel use, to shutting fuel stations, to increasing imports from Iran.
Chennai Super Kings and Rajasthan Royals were suspended from the Indian Premier League for two years for betting activities of their key officials, Gurunath Meiyappan and Raj Kundra, during the 2013 season of cash-rich Twenty20 cricket tournament.
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