India’s Modi to begin five-nation tour, including UAE, amid Middle East crisis

(Reuters) - Indian Prime Minister Narendra Modi will embark on a five-nation tour ​taking in the United Arab Emirates and Europe from May ‌15-20, India's foreign ministry said in a statement on Monday, as the Middle East crisis drives up global oil prices and ​strains India's foreign currency reserves.

Modi is to visit the UAE on ​May 15 and subsequently travel to the Netherlands, ⁠Sweden, Norway and Italy, the statement said.

The trip follows ​Modi urging a series of measures, including fuel conservation, fewer ​imports and gold purchases, as well as reduced travel, as a surge in energy prices takes a toll on the country's foreign ​exchange buffers.

Indian shares fell on Monday, and the rupee ​endured its sharpest drop in more than a month to end at ‌its ⁠weakest closing level on record following Modi's call for austerity measures.

Higher oil prices are a major risk for net energy importer India, threatening to widen the country's current ​account deficit, slow ​growth and ⁠stoke inflation.

Modi and UAE President Mohammed bin Zayed Al Nahyan will exchange views on ​bilateral issues, in particular energy cooperation, as ​well as "regional ⁠and international issues of mutual interest", the statement said.

The European leg of the trip will be to deepen India's trade and ⁠investment ​ties with these countries, following up ​on the India-EU trade deal agreed upon earlier this year, the statement ​said.