Russian bank Sberbank has launched Indian Rupee accounts for individuals to reduce Moscow’s dependency on the U.S. dollar and euro. Russia’s dominant lender on Wednesday said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S.
On the Russian exchange, the US dollar was trading higher than the euro. This renders the dollar stronger than the euro for first time in 20 years.
Why has the euro fallen to $1 and what does it mean for the rupee? The euro’s decline in value relative to the dollar indicates that investors are shifting funds away from the Eurozone and toward the US.
Putin has claimed that the credibility of dollar and euro has been destroyed as a result of sanctions imposed by the West On Russia.
Euro was created as a common currency initially among the first twelve European nations and then expanded in to others. The efforts for the European common market currency started post 1950 as an effort by the marginalized European colonial powers who after World War II saw the rise of United