Indian Commerce Secretary B.V.R. Subrahmanyam predicted this week that New Delhi will conduct up to $9 billion worth of trade with Russia and Sri Lanka combined over the next two months, Reuters reported on Wednesday.
“The rupee-denominated sales will be a big, big advantage,” Subrahmanyam told reporters on August 2. “I see in the next two months $8-$9 billion of trade with Russia and Sri Lanka.”
The Indian commerce secretary referred to a decision by the Reserve Bank of India on July 11 to allow importers and exporters to settle trade in rupees. The rupee is the currency of India, Sri Lanka, Pakistan, Nepal, Mauritius, and Seychelles. The decision will facilitate easier trade between India and Russia and India and Sri Lanka because it