As the West continues to impose sanctions on Russia for its invasion of Ukraine, India is exploring the possibility of making the Chinese yuan a reference currency to value the rupee-rouble trade mechanism, Mint reported.
The governments of both the countries may also look at a floating rate arrangement for trade between them, Indian government officials told the business daily.
India, the third-largest oil importer in the world, is planning to buy oil from Russia at a discounted rate to deal with inflationary pressures.
“We are working on a currency arrangement to facilitate trade, especially as we also plan to increase oil purchase from Russia,” Mint quoted an official as saying.
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