India will pay for Iranian oil in Euros

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Source: Bloomberg
India plans to pay for Iranian oil in Euros through a Turkish bank as it is difficult to convert the Rupee to other currencies across the sea. The payments are proceeding regardless of US and EU recently imposed sanctions on Iranian oil exports. This case affected the Rupee negatively: it fell 0.9% against the US Dollar with INR/USD trading at 54.98, posting the biggest decline in two weeks.

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Thu, 05 Jul 2012 12:03:39 GMT

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