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Market Chatter: India Mulls Emergency Steps to Protect Foreign Reserves

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India is said to be evaluating emergency steps to strengthen its foreign-exchange reserves in a bid to curb the damage caused by the surge in oil prices, according to a Bloomberg report on Tuesday, citing sources.

As per the report, the Indian government is considering moves like curbing non-essential imports such as gold and electronic goods, and hiking fuel prices.

The moves are expected to help shelter the economy amid the global economic turmoil caused by the Iran war.

Officials in the Prime Minister's Office and Finance Ministry have held discussions with the Reserve Bank of India on possible measures to limit the damage from the rising oil prices, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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