The President said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.
Rescue work has intensified in Texas with officials launching search operations as desperate residents remain stranded without food and water.
The rupee on Monday ended lower by 23 paise to close at an over two-week low of 67.31 against the US currency.
The domestic currency has dropped by 62 paise or 0.93 per cent in four trading days.
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
The Rupee is seen strengthening against the dollar.
The dollar strengthened against major world currencies.
Snapping its 3-day winning spree against the American currency, the rupee on Wednesday dropped by 21 paise to end at 66.64 on fag-end dollar demand from banks and importers despite a sharp rally in domestic equities.
Increased month-end demand for the US currency from importers put pressure on the rupee
India's foreign exchange reserves declined by a whopping $4.343 billion to $367.646 billion.
Good foreign capital inflows failed to restrict the rupee's fall against the dollar
Weakness of dollar in the global markets and foreign capital outflows also affected the rupee sentiment.
The rupee on Monday slipped by 5 paise to close at 63.57 per dollar on fresh demand for the American currency from banks.
Oil prices have already fallen over 70 per cent since the downturn began in mid-2014.
The broader markets are, however, outperforming the larger peer.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
Prime Minister Narendra Modi on Saturday offered prayers at a Matua temple in Bangladesh's Orakandi, the birthplace of Hindu mystic figure and Matua community's spiritual guru Harichand Thakur.
"Under different scenarios, we see the impact of higher crude prices ranging from $25 billion to a maximum of $50 billion on the oil import bill. The increase in the oil import bill will also affect the current account deficit," economic affairs secretary S C Garg said in a conference on Friday.
The rupee had last ended at 67.22 per dollar on March 16, 2016.
A West Indian Day celebration, Hurricane Dorian destruction, and the immersion of Lord Ganesha in Mumbai round out this week's best images.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
Oil and select auto heavyweights bore the brunt of selling pressure; ONGC, RIL, Tata Motors, M&M key losers.
The spike in coronavirus deaths came on the same day the number of people hospitalised broke the 100,000-mark, according to the Covid Tracking Project.
Images that capture what it was like living through 2021.
Usually, a fall in oil prices is followed with a cut in retail prices of auto fuels and the government passes on the benefit to consumers. However, Morgan Stanley believes gains this time around will remain capped.
Economics and politics both have major roles in determining oil prices.
India is struggling with a second wave of the pandemic with more than 3,00,000 daily new coronavirus cases being reported in the past few days, and hospitals are reeling under a shortage of medical oxygen and beds.
His 9-gold athletic haul at the Olympics remains unrivalled with Usain Bolt coming close with 8. Raj Kishore Mishra, former joint secretary at the sports ministry, salutes Carl Lewis, 'Sportsman of the 20th Century' on his 60th birthday.
The positive bias was aided by metal, realty and auto indices
Lonely Planet has nammed Sikkim the best region to visit in 2014. Here are some snapshots from one of India's most beautiful state.
As we have entered the last month of 2019, here's a rewind of the top moments in November.
Even if the central bank doesn't pull the trigger later, it is still expected to by the end of the year.
The England and Wales Cricket Board (ECB) raised the prospect of a lucrative Twenty20 series against a West Indies team on Tuesday after confirming they had held further talks with Texas billionaire Allen Stanford.
Bucks hold moment of silence for Wisconsin parade attack victims.
Bank shares were the top losers after sharp gains last week.
Market breadth remained strong with 1,581 advances over 1,018 declines on the BSE
Texas billionaire Allen Stanford has offered to put up $100 million (50 million pounds) for England to play five Twenty20 games against his West Indies All-Star team. England and Wales Cricket Board chairman Giles Clarke had said the prospect of England taking part in a winner-takes-all $20m match in West Indies is "very likely".
Foreign exchange reserves of the oil producers have increased by $1.1 trillion over the past decade.
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