India Curbs Gold Imports and Tightens FX Rules as Oil Jumps 50% in Iran War

8 articles · Updated · Bloomberg · May 20

India has rolled out emergency steps to conserve dollars — curbing gold imports, tightening currency-market rules and allowing higher fuel prices — after the rupee hit a fresh record low Tuesday.
A 50% oil-price surge since the Iran war began has sharply inflated the import bill for the world’s third-largest oil consumer, while rising inflation pressure and record foreign outflows from local stocks have deepened strain on the currency.
Fuel costs are already being passed through: state-run refiners raised petrol and diesel prices again this week, the second increase in less than a week, after higher crude prices eroded their margins.
The moves show New Delhi trying to shield external balances from a war-driven energy shock that is hitting both India’s trade account and investor sentiment.

Can India's energy strategy outlast a prolonged blockade of the Strait of Hormuz?

Beyond oil, how is the Iran war quietly crippling essential global supply chains?

With a shaky ceasefire, what could trigger President Trump's threatened 'full assault' on Iran?