The Indian Oil Ministry recently acknowledged that the country’s push to pay for oil with rupees has failed because suppliers are not sure if they will be able to repatriate their funds. The decision is intended to help diminish India’s reliance on the U.S. dollar when settling its cross-border obligations. High Transactional Costs of …
The Russian currency’s exchange rate versus the U.S. dollar recently dropped below RUB100 per greenback — its lowest in 16 months. Economists attribute the ruble’s latest plunge to the effectiveness of a price cap imposed on Russian oil by Western countries. Russ Mould said a strengthening U.S. dollar could be the reason why the Russian […]