India buys more than two-thirds of its oil, mostly from the Middle East, which means if crude prices stay up, RBI may not be able to deliver more than 25 basis points of cuts.
Iran foreign minister Mohammad Javad Zarif arrived in New Delhi Tuesday, less than two weeks after the US ended the exemptions from sanctions granted to India to import oil from Iran.
US has withdrawn waivers on importing oil from Iran. India says it's studying impact of US decision, but will be difficult for it to stop all imports from Iran.
To avoid sanctions, India will have to reduce oil imports from Iran & cancel a planned $6 billion purchase of S-400 anti-aircraft missiles from Russia.
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SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
The 2018 contract with Russia for 5 S-400 systems had a follow-on clause for 5 more. S-400 was described as a 'game-changer' for shooting down 5 Pakistan fighter jets during Op Sindoor.
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At some stage, the RBI will feel the need to raise rates, to protect the rupee.