Imbalance in Russia-India trade & US sanctions have meant Russia is accumulating rupees it can’t use. At stake could be a significant part of India’s imports from Russia.
India must offer the rest of the world sizable amounts of safe, readily available, and convertible assets that could be used as collateral in financial markets.
Moreover, India’s tight capital controls, management of the rupee and, importantly, a smaller share of global exports run counter to aspirations of making it an international currency.
India is an outlier for engaging with Russian economy, which has brought back talk of reviving an old Cold War relic: the rupee-rouble trade. But the rupee is in trouble in Russia.
Ever since sanctions were imposed on Russia, India hasn’t been able to use US dollar to pay for oil. It is said to be looking at using dirhams & rupee, both of which have limitations.
India's forex reserves rose for a second week, increasing by $5.98 billion & stood at its highest since early July, according to RBI's statistical supplement. The rupee ended at 82.16 Friday.
In an interview with Anandabazar Patrika Shankar waxed eloquent about her many objections to the pallu not covering the bosom area of Gen Z women. She called them ‘women of the street’.
With an educated & skilled workforce, Tamil Nadu has a burgeoning industrial sector which has scored massive investments in automobiles, electronics, and even footwear.
The ‘idea’ Kejriwal's politics grew around was a no-holds-barred fight against corruption. That is the reason Modi govt has now tarred him and his entire party with the same paint.
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