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RUPEE DIRHAM MECHANISM
India, UAE step up efforts to expand rupee-dirham tradeOver 15% of India-UAE trade has been invoiced in local currencies since the rupee-dirham mechanism launched nearly three years ago. Both na...- Washington’s own playbook is fuelling the global pivot from dollar, says GTRIGTRI reports that Trump's proposed tariffs on BRICS nations trading in non-dollar currencies overlook the fact that US sanctions and SWIFT ...
- Payment woes delay supply of Russian Sokol oil to India: SourcesIndian Oil Corp (IOC)is facing delays in receiving shipments of Russian Sokol crude oil due to payment issues. The annual deal with Russian...
- As India frowns on paying for Russian oil with yuan, some payments held up, sources sayThe Indian government's reluctance to allow state-controlled refiners to pay for Russian oil imports with Chinese currency has caused delay...
- RBI to soon issue guidelines to banks for resolution of certain rupee trade issues: OfficialThe Reserve Bank of India (RBI) will soon issue guidelines for banks for the resolution of certain issues being faced by exporters while un...
- Banks told to push foreign trade in RupeeWhile many businesses - driven by commercial convenience, balance of payments, and terms of global reinsurers - often prefer to deal in har...
- India-UAE trade up 5.8% on-year in first 12 months of trade pactBilateral non-oil trade between India and the United Arab Emirates (UAE) reached $50.5bn in the first 12 months of the countries' Comprehen...
- Discussion ongoing for converting Rupee accumulated by Russia into other currencies: LavrovLavrov said, “As for the rupee, this is a problem. We have accumulated billions of rupees in accounts in Indian banks. We need to use this ...
- India, Russia suspend negotiations to settle trade in rupeesINDIA-RUSSIA-Exclusive-India, Russia suspend This would be a major setback for Indian importers of cheap oil and coal from Russia who were ...
- Bank of Baroda stops clearing payment for above-cap Russian oilSome Indian refiners were paying in the United Arab Emirates dirham currency for Russian low-sulphur crude priced above the $60 a barrel ca...
- HPCL now paying in rouble, dirham for Russian crude oilHPCL, which has used 2 million tonnes of Russian crude of the total 17 million tonnes processed this fiscal year, is shifting to the curren...
- HPCL switching from dollar to dirham & rouble to pay for Russian oil to avoid price cap issuesHindustan Petroleum Corp (HPCL) is increasingly switching from dollar to dirham and rouble to pay for Russian oil to avoid trouble arising ...
- India's Rupee trade plans with Russia has likely run into troubleThe gap between India & Russia's exports and imports is rising and that’s making the local currency payment mechanism futile. No payment ha...
- Reliance, BPCL among buyers using UAE currency for Russian oilBuyers have shifted some transactions to the currency, according to people with direct knowledge of the matter. Payments vary from cargo to...
- India rupee settlement mechanism draws interest from more nationsTajikistan, Cuba, Luxembourg and Sudan have begun talking to India about using the mechanism, according to two sources and an official docu...
- India is still paying Russia in dollars for oil importsIndian refiners continue to pay in dollars using regular banking channels for the oil they buy from Russia, executives and officials said, ...
- Indian refiners pay dollars for Russian oil after dirham attempts failRussia has been hit by sanctions from the United States and allies following its invasion of Ukraine, and Moscow has requested some buyers ...
- Indian businesses take UAE route for Russian paymentsCargo movements and associated trade payments are being routed through outfits and banks in Dubai in transactions that come across like reg...
- Students from India studying in UAE hit by weak rupeeIndian students studying in UAE universities were badly hit since rupee's fall, forcing some institutes to slash their tuition fees by 25%.
- India, Iran looking at euro, yen to resolve crude payments rowIndia and Iran will look at other currencies as settlement in dollar has become difficult due to sanctions imposed against Iran.
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