Indian Prime Minister Narendra Modi has emphasized the need for citizens to conserve foreign exchange as the nation grapples with economic pressures stemming from the Iran war-related spike in oil prices. The rupee has recently fallen to a record low against the dollar, largely due to India's heavy reliance on oil imports, which account for 90% of its needs. To mitigate the crisis, Modi suggested that Indians limit fuel usage, foreign travel, and gold purchases. Analysts from Nomura indicate that this could signal a shift in policy. The Reserve Bank of India (RBI) has already intervened by selling dollars from its FX reserves and is considering measures to boost dollar inflows. Historical strategies, such as attracting diaspora deposits, easing capital account regulations, and raising import taxes on gold, are being revisited. In 2013, the RBI successfully attracted $26 billion through a concessional swap window for overseas deposits. Additionally, policymakers may explore tightening overseas remittance limits and adjusting monetary policy to stabilize the currency. While raising interest rates is an option, it could hinder economic growth already strained by supply-side shocks.