With its economy hurting in the face of tightening Western sanctions, Iran has agreed to take payments for its oil exports to India entirely in rupees, state news agency Press Trust of India (PTI) reported. This decision comes after discussions between Delhi and Tehran to find an alternative means proved fruitless.
India had, since July 2011, been paying in euros to clear around 55% of its purchases of Iranian oil through Turkish Halkbank, while the remaining 45% was remitted in rupees through the Calcutta-based UCO bank. (CONTINUED - 544 WORDS)
