*NEW DELHI – India’s government is planning to take drastic measures inorder to stop the decline in the currency which has been termed as worstperforming currency of the Asia.*

*Government to ask state oil firms to lock in their crude futures purchaseprices, a government source said on Thursday, anticipating a spike when USsanctions on Iran snap back again in November.*

The move would be another step to tackle a slide in the rupee, as oilprices are putting pressure on India, which imports some 80 percent of itscrude demand. Its currency has fallen sharply this year against the U.S.dollar, amid a wider sell-off in emerging markets.

“The futures should be locked in when crude price is down,” said thesource, who is familiar with deliberations on the matter, adding the stepshould have been taken earlier.

The rupee, Asia’s worst performing currency this year, has depreciatedabout 12 percent year-to-date against the U.S. dollar, closing at 72.39 onWednesday, after a record low of 72.99 on Tuesday. Markets were closed onThursday.

The government is expected to announce a set of measures to discouragenon-essential imports to stem the slump in the currency.