Managing the rupee

An orderly adjustment would be healthy

The US banned energy imports from Russia on Tuesday to apply more economic pressure as the war in Ukraine continues. While US import dependence on Russian energy is limited, it is a strong signal, and more allies could do the same. Large Western corporations in the energy sector are anyway moving out of Russia, which could permanently affect supplies and keep energy prices elevated in the foreseeable future even if a diplomatic solution is reached in the coming days and weeks. Since India is a large importer of crude oil and several other commodities, the macroeconomic complexities associated with higher