The Indian rupee hovered near the 87.8 mark, well above the record low of 88.7 that was repeatedly reached since throughout the first half of October due to repeated intervention by the RBI in currency markets. The Indian central bank reportedly continued selling dollars at levels stronger than the 88 threshold as the uncertain trade and growth outlook for India clouded its outlook for foreign exchange. Refineries executives reportedly stated they would stop purchasing cheaper Russian oil in the end of near-term contracts due to recent sanctions on the sector by the US government. Not only does this force India to purchase more expensive oil, but global energy prices rose sharply on the event to magnify the outflows of currency from the G20's fastest growing economy. Still, reports indicated that the US could limit Indian tariffs to 15%-16% should the country significantly limit the purchase of Russian energy, limiting the pressure on the rupee.