India Unveils Rupee Settlement Plan to Smoothen Russia Trade
- RBI plan may be aimed at higher imports from Russia: HDFC Bank
- Rupee tested a series of record lows in recent weeks
A gas station in New Delhi, India. Russia is making huge inroads into the Indian oil market and has possibly become one the largest supplier to the Asian buyer.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
India’s central bank announced a plan to settle international trade in the local currency, a move probably aimed at facilitating growing trade with sanctions-hit Russia.
Under the plan, importers buying goods from abroad will make payments in the rupee, which will be credited to the special account of the correspondent bank of the partner country, while exporters will be paid from the balances in the designated special account, the Reserve Bank of India said in a statement Monday.