Rupee on fire: PM Modi urges oil suppliers to review payment terms for relief

NEW DELHI: Indian Prime Minister Narendra Modi urged global oil suppliers on Monday to review payment terms in order to give relief to the country which is struggling with a weakening currency.

Modi was speaking to oil ministers and chief executives of oil majors at a round table in New Delhi, a government statement said.

"He requested for review of payment terms so as to provide temporary relief to the local currency," the statement quoted him as saying. 

India, which imports more than 80 percent of its oil imports, has been under pressure as crude oil prices have surged and its rupee currency has lost value. 

"Prime Minister Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets," the statement said.

Indian Rupee was trading at 73.82 against US dollar around 5 pm today.