India - Iran oil diplomacy and forex crisis
Today, we have built up a $6 billion backlog payment and clearing them slowly trying not to disrupt the markets. Recalling the forex crisis of August 2013 MH0100 India eyes raising Iranian crude imports to curtail dollar outflows Mumbai (Platts)--30Aug2013/609 am EDT/1009 GMT India is looking at increasing crude oil imports from Iran in an effort to curtail US dollar outflows as the country struggles to reduce its current account deficit and arrest the depreciation of the rupee, official sources said this week. At the same time, India could be looking to settling trades with Iraq in their respective currencies. Oil minister M. Veerappa Moily told reporters in New Delhi earlier this week that part of the plan to save $22 billion in the country's oil ...