India central bank to give banks guidance to resolve rupee trade issues
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India's central bank will release guidance for banks in two to three days to resolve some teething issues on the rupee trade mechanism, a senior trade official told reporters.
The issue with rupee trade is that it can only work as a barter currency, the official said.
Due to defence trade, Russia has accumulated a lot of rupee reserves, he added. In May, Russia’s Foreign Minister Sergei Lavrov said talks were underway with India to exchange billions of rupees that have accumulated in Indian banks for other currencies.
