Prime Minister Narendra Modi addressed the Lok Sabha on the West Asia crisis, expressing concern over its impact on the global economy and assuring the safety of Indian citizens in the region.
The contraction in total reserves was driven by a fall in gold reserves, which dropped $13.49 billion to $117.19 billion during the reported week.
India's plans to ration the consumption of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) - in response to reduction in their import owing to war in West Asia - may fall short of what is needed to meet domestic needs.
The Indian rupee rebounded against the US dollar after the Reserve Bank of India (RBI) restricted banks' net open positions in dollars. This move prompted banks to sell dollars, providing temporary support for the rupee amidst ongoing geopolitical tensions and rising oil prices.
Benchmark indices Sensex and Nifty tumbled in early trade on Friday after a two-day rally, tracking a weak trend in global peers, as the US-Iran conflict continues to be a key overhang for the markets. Track Sensex, Nifty50 movement and key market drivers for March 27, 2026.
The measures announced by it risk backfiring, disrupting the foreign exchange market, and intensifying the very pressures they seek to contain, with broader consequences for the economy points out Rajeswari Sengupta.
United States President Donald Trump yet again claimed to have discussed with Prime Minister Narendra Modi about India's import of Russian oil, he told reporters on Tuesday after the Diwali celebrations at the Oval Office.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
Analysts predict that the ongoing conflict in West Asia, crude oil prices, and global trends will significantly influence the Indian stock market in the upcoming holiday-shortened week. Foreign investor activity and rupee movement will also be crucial.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
The Indian government has reduced excise duty on petrol and diesel to mitigate the impact of rising global crude prices, triggered by geopolitical tensions in the Middle East. This move aims to provide relief to consumers and oil companies amidst volatile international oil markets.
Indian stock markets tumbled sharply with the Sensex falling 800 points and nearly 4 lakh crore wiped out in a single session. Here are the 6 key factors, including rupee weakness and global cues, behind the crash.
An India-flagged LPG tanker, Jag Vikram, has successfully crossed the Strait of Hormuz following a temporary ceasefire between the United States and Iran, marking a significant development for India's energy security.
United States President Donald Trump has backed a sanctions bill that could impose 500 per cent tariffs on countries buying Russian oil, giving the White House leverage against countries like China and India to stop them from purchasing cheap oil from Moscow.
The Indian government has directed oil refineries to increase LPG production to ensure a stable supply of domestic cooking gas, amidst concerns over potential disruptions from the escalating Middle East conflict and its impact on imports.
Foreign brokerages have started to cut their year-end targets for the Nifty 50 index amid the ongoing West Asia conflict.
India's oil import bill is likely to jump 16 per cent to $18 billion in 2003-04 fiscal as refiners imported larger quantities of crude for exporting petroleum products.
...reopen for up to six months. Until then, the Strait stays nearly closed. The world pays. And no one, including the man who started this, can say when it ends, notes Prem Panicker in his must read blog on the Iran War.
India, with the increases already made in the January-March loading plans from Iran, has to cut its purchases of the crude to about 110,000 barrels per day.
India continues to face LPG supply challenges for the third consecutive week due to disruptions caused by the West Asia conflict, though panic buying is showing signs of easing. The government is prioritising domestic household supplies and encouraging alternative fuel sources.
India could save $1 billion in crude oil imports annually if the country switches 10 per cent of its diesel usage in the transport sector to liquefied natural gas.
The Indian stock market is poised for a volatile week, influenced by the Reserve Bank of India's monetary policy decision, crucial global macroeconomic data, and the escalating geopolitical tensions in West Asia, according to market analysts.
The Iranian Foreign Ministry has stated that Tehran currently has no plans for a subsequent round of negotiations with the United States, according to the state media Tasnim news agency. This announcement comes as international mediators had hoped for a follow-up to the Islamabad talks before the looming ceasefire deadline.
Iran is fighting a different war: Older, slower, and in some ways more dangerous. Iran doesn't need to shoot down an F/A-18. It only needs to make the Strait of Hormuz feel dangerous long enough for insurance markets, shipping companies, and oil futures traders to do the rest. Prem Panicker continues his must-read daily blog on the war in the Middle East.
As US President Donald Trump claimed that India will significantly reduce Russian oil imports by year-end, Congress MP Shashi Tharoor on Thursday hit back by criticising him for making announcements on behalf of New Delhi.
The US Navy seized an Iranian-flagged cargo ship in the Gulf of Oman, escalating tensions as ceasefire talks face uncertainty. The incident raises concerns about the fragile ceasefire and the ongoing blockade of the Strait of Hormuz.
The Indian rupee experienced a significant surge against the US dollar following the Reserve Bank of India's measures to restrict banks from onshore forward markets. Despite this, the rupee remains under pressure from foreign capital outflows, a strong dollar, and rising crude oil prices.
The conflict may disrupt Budget 2026-2027 projections, squeezing revenues and raising subsidies, prompting fiscal adjustments and potential reforms, echoing lessons from the Covid-era shock, points out A K Bhattacharya.
A 500 per cent tariff would effectively shut out India's goods and services exports to the US.
Uncertainties stemming from the West Asia crisis and its potential impact on inflation and economic growth were key factors in the Reserve Bank of India's Monetary Policy Committee (MPC) decision to maintain the status quo on interest rates, according to the recently released MPC meeting minutes.
India, the world's third largest oil importing and consuming nation, is likely to save as much as Rs 1.8 lakh crore on import of crude oil and LNG if the trend of softening international energy rates continues, Icra said Wednesday. India, which meets over 85 per cent of its crude oil needs through imports, spent $242.4 billion on buying crude from overseas in the fiscal year ended March 31, 2025.
The government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
Prime Minister Narendra Modi on Sunday said the Bharatiya Janata Party-led central government is taking steps to reduce imports of crude oil and gas, focusing more on exploration of fossil fuels and green energy.
In the present hyper-connected world, there are many domestic and global factors that affect financial markets. Of them, the most powerful and often least predictable are geopolitical events, which often boil down to one diplomatic headline.
The core issues to be settled -- access to Hormuz, Israel's aggression in Lebanon, the question of Iran's nuclear programme, sanctions relief and compensation -- are thorny enough to require weeks of patient negotiation. The most likely outcome of the opening sessions is that both sides take the measure of each other, establish what is and is not negotiable, and return home without having broken anything. That would count as progress.
AICC President Mallikarjun Kharge criticised Prime Minister Narendra Modi's relationship with US President Donald Trump, alleging that Modi is acting as Trump's 'slave' and jeopardising India's interests on trade, oil and foreign policy.
Let us start with ourselves. If we can reduce our LPG consumption by half, the problem is solved. Reduce wastage. Alter eating styles. Diversify methods of food preparation, suggests Vice Admiral Biswajit Dasgupta (retd).
Reliance Industries Ltd, India's largest buyer of Russian oil and most impacted by the latest US sanctions, on Friday said it will comply with all applicable restrictions and will adjust its refinery operations to meet compliance requirements.
Top commanders of the Indian Navy will discuss the implications of the West Asia crisis on India's energy security and review operational readiness at a three-day conference.
Trump has made it clear: the US will not lift its blockade of Iranian ports until a deal is signed.
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