Economy - Voice of America: India Begins Paying for Iranian Oil With Local Currency

Economy - Voice of America economy-and-business

India Begins Paying for Iranian Oil With Local Currency Jul 12th 2012, 13:36 NEW DELHI - India has begun using its currency to purchase Iranian oil. The move is part of New Delhi's effort to bolster exports to the Middle Eastern nation. After tightening U.S. sanctions made it difficult for New Delhi to pay Iran for oil in dollars, Tehran agreed to accept nearly half the payment in Indian rupees. The arrangement became operational recently. Rafique Ahmed with the Federation of Export Organizations of India says it will give a major boost to trade between the two ... Media files: B6BFFA68-CE5A-4B3E-BBFC-6EA315F16D9D_cx0_cy6_cw0_w800_r1.jpg (image/jpeg, 0 MB)

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