Rising oil prices have raised the demand for the dollar...

The sanctions particularly hurt Iran’s oil industry, a source of hard currency for its anemic economy...

Officials said India could pay for Iranian oil in rupees and euros after the sanctions take effect....

It’s not clear, though, if India and China have pledged to stop all oil purchases from Tehran...

The domestic unit surged a whopping 100 paise to breach the 73-mark and closed at 72.45 against the US dollar...