India to buy Iranian oil in rupees: Here's how the agreement will work
The agreement of buying oil in rupees will help strengthen the rupee as India will not need US dollars to import the oil.
India, according to Reuters, has given the responsibility to UCO Bank to route the payment as it has no exposure to the US financial system.
Published Date: Dec 7th, 2018 02:36 PM | Updated Date: Dec 07, 2018 02:36 PM IST
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more