India's oil import bill may jump by $26 bn due to rupee fall
India's crude oil import bill is likely to jump by about $26 billion in 2018-19 as the weakening rupee made buying oil costlier, government officials have said. India, which imports over 80% of its oil needs, spent $87.7 billion on importing 220.43 million tonnes of crude oil in 2017-18. The rupee on Thursday touched an all-time low of 70.40/dollar.