As Russian oil purchases soared, India paid $15 billion of imports in rupees over three months
India paid nearly $15 billion for oil imports in rupees over three months, primarily from Russia, as the value of the rupee fell to historic lows. This strategy aims to reduce foreign currency outflow and stabilize the exchange rate amid geopolitical tensions affecting oil supply. The Reserve Bank of India reported that these rupee payments accounted for 7.1% of India's total merchandise imports during this period.