View: It's time to get real about the Rupee's global role

For sellers of Russia’s flagship Urals crude in the spot market, avoiding dollar clearance meant bypassing the Western banking system and sanctions. Yet, the plan hasn’t really worked. Russia’s banks are reluctant to accumulate balances with lenders in India in a non-convertible currency that has lost half its value against the dollar over the past 15 years.

from Economy-News-Economic Times https://ift.tt/HgQdam7
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