State oil firms may lock in crude futures to stem rupee slide: Source

A senior finance ministry official said there was a view that the rupee could weaken further in the next two months if proposed steps failed to kill 'speculation in the rupee market'

India's government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US sanctions on Iran snap back again in November.    

The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure on India, which imports some 80 per cent of its crude demand. Its currency has fallen sharply this year against the US dollar, amid a wider sell-off in emerging markets.

"The futures should be locked in when crude price is down," said the source, who