India's rupee payments hit $14.6bn between March and May
Between March and May 2026, India paid for approximately $14.6 billion worth of imports using the rupee, a sharp rise to 7.1% of all imports, up from just 2.4% before.
This jump happened as India bought record amounts of Russian crude oil, taking advantage of US sanctions waivers that let trade continue even with global energy markets in chaos.
India's Russian oil imports hit $17.13bn
India's Russian oil imports soared to $17.13 billion during these months, up 30% from last year.
The RBI's rupee payment system (started in 2022) made it possible to pay in Indian currency instead of dipping into foreign reserves.
An economist said Russia might use those rupees to buy Indian goods back, keeping trade flowing even as the rupee faces pressure, a move that could help both countries weather tough times together.