India, Russia mulling return to rupee-rouble trade

Vinay Shukla
Moscow, Oct 23 (PTI) India and Russia are mulling
returning to the rupee-rouble trade arrangement to end the
dependency on the volatile dollar and step up economic
interactions.
Indo-Russian trade till the demise of the Soviet Union
was based on rupee-rouble transactions, which had resulted in
India emerging as the biggest trade partner of the former USSR
in the developing world with two-way trade to the tune of USD
5 billion in 1991.
"The Central Banks of the two countries have agreed to
hold consultations to study the possibility of using national
currencies transactions in foreign economic operations between
Russia and India," Bank of Russia said in a release.
According to the Bank of Russia (Central bank), both
sides discussed the issue at the 15th session of Indo-Russian
working group on banking and financial matters in India's
southern city of Hyderabad earlier this month. (MORE) PTI VS
ANU


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