India buys about 90 per cent of its crude oil from overseas and has been the biggest market for Russian seaborne crude since 2023, according to ship tracking data compiled by Kpler. India imports about 5mn barrels of oil a day, of which 2mn come from Russia.

The move was in line with expectations from economists polled by Reuters, and comes after the Reserve Bank of India delivered an outsized cut of 50 basis points

An ETF that tracks stocks in India is struggling to rebound from its recent losing streak, after President Trump imposed 25% tariffs on the country — and then threatened even steeper levies.