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Thursday, December 8, 2022

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Moscow Exchange Aiming To Launch Trade In Rupee, Dirham: Official

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A Moscow exchange official said on Thursday that the Exchange is working on a plan to launch trading in the Indian rupee but there are certain “obstacles” on the part of the Indian central bank.

Daniil Korablev, head of sales to non-credit organizations, said on social media the launch was “not that simple”. He added that it may not happen this year. Korablev did not specify the problems that needed to be ironed out.

The exchange is also actively working to launch trading in the United Arab Emirates’ dirham currency. “We are not ready to name the date, but we are working very actively,” he said.

Russia is actively shifting its trade out of dollars and euros and into the currencies of what it regards as “friendly” countries. This is due to the country being slapped with Western sanctions making trade in dollars difficult.

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