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, ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content
Buy October 2024 Issue

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Related Content

Terms In Vogue