Trade with Russia in the rupee may start soon, with the State Bank of India (SBI) having been authorised to promote it, the chief of the apex exporters’ body said on Wednesday.
Moscow is expected to name its bank to operationalise the mechanism in a fortnight, said A Sakthivel, president, Federation of Indian Export Organisations (FIEO). Exporters have been pushing the government to help roll out the rupee settlement mechanism fast.
On July 11, the Reserve Bank of India had notified the new mechanism to settle international trade in rupees to reduce the depreciation of the rupee against the dollar. FE
