Defying US, India inks $5 bn deal with Russia

Russian President Vladimir Putin with Prime Minister Narendra Modi in New Delhi on Friday. Photo: PTI

Russian President Vladimir Putin with Prime Minister Narendra Modi in New Delhi on Friday. Photo: PTI

NEW DELHI: India and Russia are exploring the option of trading in their local currencies and looking at signing agreements on investment protection and avoidance of double taxation, Russia’s minister for economic development Maxim Oreshkin said on Friday.

The commerce ministry is considering the feasibility of a renminbi-rupee trade with China in order to tackle the sharp fall in the Indian currency and a widening trade deficit, Mint reported on Friday.

 

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Credit: livemint.com

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