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India looking at rupee-ruble trade: Sitharaman
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SME Times News Bureau | 20 Jun, 2015
Commerce Minister Nirmala
Sitharaman said on Friday the government actively considering the
possibility of rupee-ruble trade with Russia as well as barter trade in
commodities.
Interacting with a Confederation of Indian Industry
delegation that she is leading at the St. Petersburg International
Economic Forum being held over June 18-20, Sitharam said the Russian
government was keen to engage with India and Indian businesses more
aggressively, said a CII release.
"Some of the issues raised the
meeting included the possibility of rupee-rouble trade, financing for
oil trade, barter trade in commodities, among others," it said.
In
September last, a decision was taken to create a Russian-Indian group
to develop mechanisms for the use of national currencies in mutual
settlements.
One of the difficulties to resolve in this regard is
that Russia has not yet been able to organize exchange trading of the
Indian currency, as it has already achieved with the Chinese yuan.
The
CII on Friday also signed an MoU with the Russian Chamber of Commerce
and Industry to strengthen bilateral economic cooperation.
Members
of the delegation who shared their business interests and activities in
Russia included Essar, Sun Group, Dr Reddys Labs, L&T, Rajshree
Sugars and Chemicals, Asia Motor Works, M3M, Innovest India, among
others, CII said.
Meanwhile, Russia's biggest innovation fund,
the Skolkovo Foundation - with which India's leading medical new
molecules maker, Glenmark Pharmaceuticals, signed an agreement earlier
this month - on Friday inked a landmark pact with IT giant IBM to set up
a personalized medicine platform in Russia for extending the healthy
productive lives of patients with cancer and other age related diseases.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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58.85 |
56.85 |
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