--- title: "探討印度在油價飆升背景下緩解石油衝擊的措施" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/286994731.md" description: "印度正在採取措施以減輕因伊朗戰爭導致的油價飆升的影響，這導致盧比貶值和通貨膨脹加劇。措施包括提高燃油價格、將黃金和白銀的進口税翻倍，以及收緊貨幣市場規則。印度儲備銀行通過限制貨幣投機來捍衞盧比，並考慮為外國投資者減税。其他策略包括調整食用油的進口關税，並可能降低自由匯款計劃的限額以控制美元外流" datetime: "2026-05-19T18:42:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286994731.md) - [en](https://longbridge.com/en/news/286994731.md) - [zh-HK](https://longbridge.com/zh-HK/news/286994731.md) --- # 探討印度在油價飆升背景下緩解石油衝擊的措施 **By Malavika Kaur Makol and Subhadip Sircar** India is rushing to contain the fallout of the Iran war, as soaring oil prices hammer the rupee and drive record foreign outflows from local stocks. From curbing gold imports and raising fuel prices to tightening currency-market rules, authorities have stepped up efforts to conserve dollars, with the rupee hitting a new low Tuesday. A 50 per cent surge in oil prices since the start of the war means a ballooning import bill and rising inflationary pressures for the world’s third-largest oil consumer. Here’s a look at the measures so far and what the country could do going forward to limit the damage from the West Asia conflict: ### Higher fuel prices India’s state-run refiners on Tuesday raised fuel prices for the second time in less than a week, extending a round of increases aimed at easing pressure from surging crude costs. Diesel and gasoline prices were increased by over 3 per cent last week, a modest hike compared to the surge in crude. The move reflects the government is trying to balance inflationary and fiscal pressures, and may go for staggered hikes as seen in the past. ### Gold, silver tariffs The government more than doubled import taxes on gold and silver to about 15 per cent from 6 per cent to defend its currency, following a rare appeal from Prime Minister Narendra Modi to forgo purchases of the yellow metal. The world’s second-largest bullion market also tightened the rules for silver imports after the rupee sank to an all-time low. The import of silver bars is now “restricted” rather than “free”, meaning only shipments licensed by the Directorate General of Foreign Trade can be brought into the country. ### Rupee defence The Reserve Bank of India has stepped in to defend the rupee, with foreign exchange reserves down about $32 billion since the start of the war. It clamped down on speculation in the currency markets, restricting banks from undertaking the full range of FX derivative deals with related parties, and a $100 million cap on onshore open positions for lenders. India is considering a reduction in taxes paid by foreign investors on the nation’s bonds as authorities try to curb the rupee’s depreciation, according to people familiar with the matter. The central bank is also weighing a plan for state lenders to sell foreign-currency bonds, mulling a tool last used nearly three decades ago to draw capital inflows. ### Edible oil imports The world’s top edible oil buyer is considering a request by the domestic vegetable oil industry to raise import duties to help local farmers fetch better prices for their crops. Palm oil, the world’s most-widely used edible oil, has surged about 12 per cent since the war began. ### Exporter dollar conversions The RBI could change rules on currency hedging for importers and ask exporters to repatriate dollars immediately upon receipt. Currently, exporters are allowed to retain their dollar earnings in Exchange Earners’ Foreign Currency accounts without immediately converting them into rupees, though balances must be converted by the end of the following month. ### Liberalized Remittance Scheme Currently, individuals in India can send foreign exchange for travel and education among other things under the so-called Liberalized Remittance Scheme. The annual limit of $250,000 may be temporarily reduced for select categories to control dollar outflows from the country. “We expect more policy announcements to be unveiled in the coming weeks and months,” Nomura Holdings Inc. analysts wrote in a note dated May 13, citing tighter rules under LRS as one of the options. ### NRI deposits Another route is to raise dollar funds from non-resident Indians by offering attractive rates, a strategy used in the past. In 2013, the RBI garnered $30 billion through such deposits at around 3.5 per cent. This option looks expensive now. US interest rates are much higher than they were back then, with the Fed’s target rate currently at 3.75 per cent. Add in elevated global yields and hedging costs, and this option is prohibitively costly for the RBI at present. ### FIMA backstop If stress deepens, the RBI has a more technical backstop available. It could tap the US Federal Reserve’s Foreign and International Monetary Authorities repo facility by pledging part of its $190 billion in Treasury holdings. This would allow the RBI to access dollars through overnight repo operations, which can then be rolled over for seven days, former Deputy Governor Michael Patra wrote in his recent column in Basis Point Insight. The RBI could then supply dollars domestically via short-term swaps aligned with the FIMA tenor. This approach helps avoid interest rate risk while also reducing counterparty risk, Patra wrote. ### CRR increase The central bank could raise the cost of funds for banks temporarily by draining liquidity via a higher cash reserve ratio, according to Gaurav Kapur, chief economist at IndusInd Bank. The RBI used this tool in 2013 — the year of taper tantrum — when the rupee came under pressure. A hike would also restore the ratio to its previous levels after it was cut by a full percentage point to 3 per cent in June to boost liquidity into the banking system. ### 相關股票 - [OIH.US](https://longbridge.com/zh-HK/quote/OIH.US.md) - [XLE.US](https://longbridge.com/zh-HK/quote/XLE.US.md) - [UCO.US](https://longbridge.com/zh-HK/quote/UCO.US.md) - [CRAK.US](https://longbridge.com/zh-HK/quote/CRAK.US.md) - [INDA.US](https://longbridge.com/zh-HK/quote/INDA.US.md) - [USO.US](https://longbridge.com/zh-HK/quote/USO.US.md) - [PXJ.US](https://longbridge.com/zh-HK/quote/PXJ.US.md) - [IEO.US](https://longbridge.com/zh-HK/quote/IEO.US.md) - [XOP.US](https://longbridge.com/zh-HK/quote/XOP.US.md) - [8604.JP](https://longbridge.com/zh-HK/quote/8604.JP.md) - [NMR.US](https://longbridge.com/zh-HK/quote/NMR.US.md) ## 相關資訊與研究 - [天然氣虧損擴大 台電每月吞逾百億 龔明鑫坦言財務是挑戰 打算要這麼做](https://longbridge.com/zh-HK/news/286997702.md) - [美國上週原油庫存減少 786 萬桶](https://longbridge.com/zh-HK/news/287085193.md) - [花旗喊 Brent 原油上看 120 美元 油市低估中東風險](https://longbridge.com/zh-HK/news/286971527.md) - [鉅亨速報 - Factset 最新調查：菲利浦 66(PSX-US) EPS 預估上修至 17.36 元，預估目標價為 192.50 元](https://longbridge.com/zh-HK/news/286961725.md) - [油價期貨在美國早盤交易中走低](https://longbridge.com/zh-HK/news/287089289.md)