News / India's move to rupee for trade set to boost business with Russia

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The Indian government, through its banking regulator Reserve Bank of India (RBI), has issued new guidelines allowing exports-imports to be denominated in rupees (INR).

The move ostensibly has a two-pronged goal: to get around mounting challenges for trade with Russia in the wake of global sanctions on Moscow, and to curtail the demand for dollar payments.

“In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in ...