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rupee Archives - Iran News Daily
Iran’s Rupee Deposit in UCO Bank Not Enough to Settle Accounts 19 Jun 2022

Iran’s Rupee Deposit in UCO Bank Not Enough to Settle Accounts

The Managing Director of UCO Bank of India says that Iran’s deposit in the bank in Indian national currency rupee is not enough for settling financial obligation and this is because of the decline in purchase of Iran’s crude oil by Indians as well as decline in the trade exchange between the two states.

India set to pay for Iranian oil using rupee from November 22 Sep 2018

India set to pay for Iranian oil using rupee from November

India may revert to paying Iran in rupees for the oil it buys from its third largest supplier as U.S. sanctions will from November 4 block use of U.S. dollars to settle such trades, a top official said Thursday. Oil refiners such as state-owned Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) […]

India ‘likely’ to abolish rials-rupee trade agreement with Iran 13 Jul 2018

India ‘likely’ to abolish rials-rupee trade agreement with Iran

In the wake of US pressures, India will likely cancel rials-rupee trade agreement with Iran, which was inked three years ago. According to the informed sources, India tries its utmost effort to receive sanctions waiver from US for its important project in Iran’s Chabahar Port. Since Iran had been put under sanctions by the United […]

India to use Rupee, Euro to continue trade with Iran during sanctions 09 Jun 2018

India to use Rupee, Euro to continue trade with Iran during sanctions

TEHRAN – India is mulling over using Euro as well as the rupee to continue trade with Iran during the new rounds of the U.S. sanctions on Tehran. According to Telegraph India, the country’s UCO Bank will be undertaking the rupee trade with Iran as it used to do during the earlier round of sanctions. […]