Dynamic Reference Rate

  • Currently India and Russia are working on implementing a "dynamic reference rate" (DRR) for their currencies, the Indian Rupee (INR) and the Russian Rouble (RUB).
  • The DRR aims to simplify financial transactions between the two countries and reduce the impact of US sanctions on Russia.
  • Currently, converting INR to RUB involves a two-step process: first converting INR to USD and then USD to RUB, complicated further by US sanctions.
  • The DRR would be adjusted according to real-time market conditions by the Reserve Bank of India and the Bank of Russia.
  • The DRR is designed to increase transparency and reflect rates set by central banks, ....
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