L Satya Srinivas, Additional Secretary in the Commerce Ministry, continued, "India is hoping that rupee commerce with Russia would take up in the future after the two sides have discussed facilitating trade in local currencies". The country is aiming to enhance exports of electronic items to Russia, Srinivas said. India and Russia are engaging ‘at all levels’ to resolve issues related to trade barriers and a payments mechanism, the official said. Among the nations interested in trading rupees with India are Russia, Sri Lanka, Mauritius, and

Bangladesh, Srinivas said. Since shortly after Moscow's invasion of Ukraine, India and Russia have been looking at a rupee trade settlement system. The guidelines have not yet been formalized by the two nations.

India And Russia Are Engaging ‘At All Levels’ To Resolve Issues Related To Trade Barriers And A Payments Mechanism

In an effort to reduce a widening trade deficit with the country, the national capital has overtaken China as Moscow's second-largest oil consumer, purchasing discounted Russian petroleum for significantly less than the $60 price restriction set by Western countries. As the Chinese yuan fell on Monday, the Indian rupee also declined versus the US dollar. Traders cited significant dollar purchases from staterun banks as the reason for the decline. The rupee decreased by 0.35 percent from its previous closing of 81.3250 to end the session at 81.6125 to the dollar.