Mired in one of its most serious economic crises since the turn of the century, India is considering a plan to cut its widening current account deficit by increasing crude oil imports from Iran, despite mounting pressure from the US to continue with reductions it has made thus far.
The Indian rupee has depreciated by more than 20% against the US dollar this year, hitting a record low of $1=IR67.6 on 3 September, sharply raising the cost of crude imports in dollars (ie imports from all countries other than Iran). (CONTINUED - 923 WORDS)
