Monday, June 24, 2024

Tag: Rupee

Russian bank Sberbank has launched Indian Rupee accounts for individuals to reduce Moscow's dependency on the U.S. dollar and euro. Rupee accounts would be available from Wednesday, Russia's Sberbank said.
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.
India is exploring a rupee payment mechanism with the objective of trying to guarantee that Russian banks and firms open accounts with state-run Indian banks in order to settle trade settlement. This entire scheme is for the purposes of establishing trade with Russia and to avoid sanctions.