Four months after India’s government rejected demands from Russian oil companies to pay for Russia’s crude exports in Chinese yuan , it appears India is now hoping for a similar arrangement with Gulf crude exporters.
Bloomberg reports that the Reserve Bank of India (RBI) has asked the country’s major state-owned refiners to press Persian Gulf suppliers to accept at least 10% of oil payments in rupees in the next financial year, three executives at the processors said.
The RBI is concerned that the nation’s soaring demand for energy will weaken the rupee , something that has been a general trend […]
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