Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen’s correspondent: An Israeli raid targeted the outskirts of the town of al-Qatrani, Jezzine District
Al Mayadeen’s correspondent: Israeli warplanes launch a raid targeting the vicinity of the Burguz area
Al Mayadeen’s correspondent in southern Lebanon: An Israeli airstrike targeted the outskirts of Jbaa in the Iqlim al-Tuffah region
Al Mayadeen’s correspondent in southern Lebanon: An Israeli airstrike targeted the outskirts of the town of Ansar
Al Mayadeen's correspondent in southern Lebanon: Israeli warplanes launched a series of airstrikes on the al-Mahmoudiyah area
New York Times: Trump plans to meet with Putin as soon as next week
Al Mayadeen's correspondent: Israeli drones repeatedly strike the area targeted by Israeli warplanes in the town of Deir Saryan, preventing ambulance crews from advancing to the scene
Al Mayadeen's correspondent: Israeli warplanes launch a series of raids targeting the outskirts of the town of Deir Saryan
Reuters: 5 soldiers injured by gunfire in shooting at Fort Stewart US military base in Georgia
Trump order imposes additional 25% tariff on goods from India

India, Russia eye new exchange rate to shift away from dollar

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Aug 2024 18:01
3 Min Read

The RBI and Bank of Russia may set and adjust the rupee-ruble reference exchange rate according to market conditions.

Listen
  • x
  • An Indian counts currency notes of 1000 and 500 denomination in New Delhi, India, Tuesday, Nov. 8, 2016. (AP)
    An Indian counts currency notes of 1000 and 500 denomination in New Delhi, India, Tuesday, Nov. 8, 2016 (AP)

The Economic Times reported on Tuesday that India and Russia are exploring the establishment of a benchmark rupee-ruble exchange rate to facilitate direct trade between the two countries, circumventing the use of the US dollar due to Western sanctions on Moscow.

This initiative is driven by the need to overcome barriers in dollar-based trade, especially as many Russian banks have been excluded from the SWIFT system.

According to ET, the matter is currently being discussed during a visit to Moscow by a deputy governor of the Reserve Bank of India and senior officials from Indian state-owned banks.

India’s trade with Russia has surged significantly, particularly in crude oil imports, with Russian goods to India increasing by 8,300% since 2021.

Read more: India: Trade with Russia not temporary

Currently, trade transactions between the two countries rely on dollar exchange rates, but the establishment of a rupee-ruble exchange rate could provide an alternative, especially for payments involving oil and heavy imports.

Moreover, the RBI and Bank of Russia may set and adjust the rupee-ruble reference exchange rate according to market conditions.

Related News

No timeline for US talks, new IAEA approach required: Araghchi

Trump imposes 25% tariff on India; New Delhi vows to defend interests

Discussions also include ways to utilize the accumulated rupee balances in special accounts held by Russian banks in India, which have grown due to the imbalance between Indian imports from and exports to Russia.

This comes as part of broader trends where Russia and its Asian trade partners, like China, have increasingly used national currencies for transactions in response to sanctions, the report notes.

Read more: US calls on India to rethink ties with Russia, China

Russia and India have had strong bilateral relations since the Cold War, and New Delhi has acted as Moscow's key trading partner since the start of the Russia-Ukraine war.

However, the relationship between the two countries has seen tension due to Russia's close developments with India's primary competitor, China.

New Delhi has become a prominent purchaser of Russian oil amid Western sanctions on Moscow. Trade between India and Russia surged to $65.7 billion in the fiscal year ending March 2024, a notable 33% rise from the preceding year.

India and Russia are reportedly working on securing year-round access to the Northern Sea Route, which spans Russia's northern coast and serves as the shortest shipping route between East Asia and Europe. Their goal is to enhance the transportation of goods to emerging markets by utilizing trade routes effectively.

Last month, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi held held a meeting in Moscow, during which they discussed expanding their trade and financial partnerships.

  • Russia
  • India
  • Ruble
  • Rupee

Most Read

UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Shiekh Naim Qassem giving a speech commemorating the anniversay of martyr Mohammed Saeed Izadi, August 5, 2025, in Lebanon

Sheikh Qassem threatens 'Israel', warns against foreign intervention

  • Politics
  • 5 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025
Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)

Exclusive: Resistance key to building state, Georges Abdallah says

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Tech joins the fight: Silicon Valley powers US war drive
Technology

Tech joins the fight: Silicon Valley powers US war drive

Slovenia to ban imports of Israeli settlement goods
Politics

Slovenia to ban import of goods produced in Israeli settlements

IOF pillaged schools in Lebanon, HRW exposes war crimes
Politics

Israeli troops looted, vandalized schools in South Lebanon: HRW

Zelensky’s trust drops after anti-corruption reforms spark uproar
Politics

Trust in Zelensky drops after anti-corruption reforms spark uproar

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS