Russia and India ditch dollar in trade ...News

The two countries will be testing a new payment mechanism using rupee settlements, New Delhi has said India will start using the rupee in trade settlements with Russia starting next week, local media outlets reported on Monday, citing the head of the Federation of Indian Export Organizations (FIEO), Ajay Sahai. The two nations will be testing a new payment mechanism for the first time since it was approved by the State Bank of India, a state-owned commercial bank, in September. The Indian government permitted the national currency to be used in international trade settlements last month in an effort to promote

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Last updated : 12 Dec 2022 clock 05:44 PM

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