India 1 rupee in iran

MUMBAI, July 12 (Reuters) - The Indian central bank's decision to let importers pay with rupees and exporters be paid in rupees is likely to make trade easier with Russia and South Asian neighbours, and will help a long term goal to internationalise the currency, experts said. On Monday, the Reserve Bank of India said it had put in place a mechanism for international trade settlements in Indian rupees (INR) with immediate effect. The RBI said that "in order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR." "This step can be particularly useful for neighbouring countries, and also those countries willing to use the rupee as a base currency for trade diversification in their settlement rules," said Rahul Bajoria, chief India economist at Barclays. Engineering Export Promotion Council chairman Mahesh Desai noted the new mechanism "would facilitate trade with countries under sanctions, like Iran and Russia." Trade between India and Russia has come to a virtual standstill due to sanctions imposed on Russia over the war in Ukraine. The new steps allow Indian exporters and importers to use special Rupee Vostro Accounts to settle trade denominated in rupees, and banks will need the RBI's approval to use the settlement system. "We see this as a first step toward...

The currency converter shows the conversion of 1 Iranian Rials to 0 Indian Rupees as of today price. Current tool convert IRR in INR using live average market currency rates. Please scroll down the page to view the 10 days history table of IRR/INR conversion. Check how much is one Iranian Rial in Indian Rupee and similar values of IRR-INR currencies. You can also look at the chart where is historic graph of the currency exchange of IRR into INR. Click on the values on this page to see real exchange rates of 1 IRR in other currencies or 1 INR in foreign money. 1 IRR in INR: 10 days history 1 IRR in INR: 10 days history Date IRR in INR 16/06/2023 1 IRR = 0.0019 INR 15/06/2023 1 IRR = 0.0019 INR 14/06/2023 1 IRR = 0.0019 INR 13/06/2023 1 IRR = 0.0019 INR 12/06/2023 1 IRR = 0.002 INR 11/06/2023 1 IRR = 0.0019 INR 10/06/2023 1 IRR = 0.0019 INR 09/06/2023 1 IRR = 0.002 INR 08/06/2023 1 IRR = 0.002 INR 07/06/2023 1 IRR = 0.002 INR 06/06/2023 1 IRR = 0.0019 INR Similar conversion of IRR in INR Similar conversion of IRR in INR Iranian Rial Indian Rupee Value: 0 Indian Rupees 0 Indian Rupees 0.01 Indian Rupees 0.01 Indian Rupees 0.01 Indian Rupees 0.01 Indian Rupees 0.01 Indian Rupees 0.02 Indian Rupees 0.02 Indian Rupees 0.02 Indian Rupees 0.02 Indian Rupees

FILE PHOTO: Oil takners pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed Washington gave a six-month waiver to eight countries, including India, allowing them to import some Iranian oil. India, the world’s third biggest oil importer, wants to continue buying oil from Iran as it offers free shipping and an extended credit period, while Iran will use the rupee funds to mostly pay for imports from India. “Today we received a good amount from some oil companies,” Charan Singh, executive director at state-owned UCO Bank told Reuters. He did not disclose the names of refiners or how much had been deposited. New Delhi recently issued a notification exempting payments to the National Iranian Oil Co (NIOC) for crude oil imports from steep withholding taxes, enabling refiners to clear an estimated $1.5 billion in dues. An industry source said India’s top refiner Indian Oil Corp and Mangalore Refinery & Petrochemicals have made payments for Iranian oil imports. Neither was immediately available for comment. Iran is devising payment mechanisms including barter with trading partners like India, China and Russia following a delay in the setting up of a European Union-led special purpose vehicle to facilitate trade with Tehran, its foreign minister Javad Zarif said earlier on Tuesday. In the previous round of U.S. sanctions, India settled 45 percent of oil payments in rupees and the remainder in euros but this time it has signed deal with Iran to make all pa...

FILE PHOTO: Labourers lift a sack filled with sugar to load it onto a handcart at a wholesale market in Kolkata, India, February 1, 2018. REUTERS/Rupak De Chowdhuri/File Photo “Exporters are avoiding dealing with Iran since payments are getting delayed for months,” said a Mumbai-based dealer with a global trading house. Iran’s rupee reserves in India’s UCO and IDBI Bank, the two lenders authorised to facilitate rupee trade, have depleted significantly and exporters are not sure whether they would be paid on time for new shipments, the dealer said. Under U.S. sanctions, Tehran is unable to use U.S. dollars to transact oil sales. Iran previously had a deal to sell oil to India in exchange for rupees, which it used to import critical goods, including agricultural commodities, but New Delhi stopped buying Tehran’s oil in May 2019 after a U.S. sanctions waiver expired. Tehran continued using its rupees to buy goods from India, but after 22 months of no crude sales, Iran’s rupee reserves have fallen, said the sources, who asked not to be named, citing business privacy. Iran’s reserves have reduced significantly and “will be over soon probably because trade has stopped,” said a senior official with IDBI Bank. The Islamic Republic was buying mainly basmati rice, tea, sugar, soymeal and medicines from India. “Rice exporters are concerned about the current payment mechanism,” said Vijay Setia, a rice exporter and former president of the All India Rice Exporters’ Association (AIREA)....