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India Sets up for Rupee Trade with Russia

OIL

India is set to start trading with Russia in rupees the president of India’s exporter group said this week.

  • “State Bank of India has come forward for facilitating trade in rupees with Russia and some other banks have also shown interest,” A. Shaktivel, president of the Federation of Indian Export Organisations (FIEO) said.
  • The name of the corresponding bank is supposed to be named in the next 15 days he added.
  • “The trade in rupees could boost Indian exports to Russia to about $5 billion in the current financial year,” Shaktivel said. That would be up from about $3.3 billion last fiscal year.
  • In April-July India’s exports to Russia fell by a third while imports caused by a rush to buy Russian crude soared.
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