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Rupee to trade on Moscow Stock Exchange now, say officials
Mumbai: Come Monday and the Indian Rupee is scheduled to operate on the Moscow Stock Exchange (MOEX) though logistical challenges faced by the Reserve Bank of India (RBI) may actually end up delaying literal trade in Indian rupees on the Russian equities market. The planned foray into rupee trades on the international markets was a news break reported by this journal in its First India July 19, 2022 issue, “The Rs held its own in value terms and has literally gone global, despite depreciation in value when compared to the US dollar, since the RussiaUkraine war began right until July 13, 2022. According to industry sources, a false narrative is being created within India about the falling rupee, even as the Indian government ensured not only that the rupee stayed stronger than most other currencies, but also embarked on a global business plan that dislodged the $ as the mainstay for international transactions. ”The July 24, 2022 First India issue also tracked this global rupee plan in another exclusive news report that added, “The Indian government has not only ensured the rupee stayed stronger, but also embarked on a global business plan that dislodged the USD as the mainstay for international transactions. Rupee settlements are now the norm as India has tied up Russia, Indonesia, United Arab Emirates (UAE), even Sri Lanka, Afghanistan, Nepal and other markets where it deals in oil (imports), food-grains (exports). She has begun transacting in rupee terms, thereby, giving the USD the go-by.”
The MOEX is currently working on a plan to launch trading in the Indian rupee although ‘obstacles’ were cited on the side of the Indian central bank (RBI), as Reuters reported in a news article that said Daniil Korablev, head of sales to noncredit organizations, had revealed on social media about the launch being “not that simple” an getting delayed beyond 2022.
Russia began actively shifting its trade out of the $ US and € with currencies of nations it regards as “friendly” countries.
MOEX is Russia’s largest exchange operating its only multifunctional trading platform for equities, bonds, derivatives, currencies, money market instruments and commodities.
From Monday, nonresident Russian clients from friendly jurisdictions as well as non-residents controlled by Russian legal entities or individuals will be able to trade on the MOEX Equities Market.