Currency ambiguity weighs on India-Iran trade
The Dollar Business Bureau Donald Trump has made it amply clear that the landmark Iran nuclear deal negotiated by former President Barrack Obama is a 'bad deal'. Recent test-firing of ballistic missiles by Iran lead to a bitter feud between the two countries, ending in sanctions being imposed on companies and individuals related to missile programs in Iran. Lack of clarity in Trump's future strategy for Iran has left traders in the middle-eastern country, along with their close trading partners in a limbo. India, one of Iran's closest trading partners, ranks second among its export destinations (after China) and fourth among its major importers (after China, South Korea and Turkey). In fact, oil embargoes on Iran proved to be a blessing in disguise for Iran-India trade, as total ...
India cuts oil imports in January to achieve fiscal target
Sai Nikesh | The Dollar Business With March 31, 2015 deadline ending Tehran's isolation by world nations in return for curbs to its nuclear programme, arriving sooner, India is aiming at maintaining its oil shipments from Iran in the current fiscal year 2014-15, to remain in line with its shipments in the previous fiscal year 2013-14. To this effect, according to reports on Thursday, India has slashed its oil imports from Iran in January, 2015, as New Delhi hurried to make oil purchases from Iran. In this regard, India has also asked its refiners in January to cut oil purchases from Iran, saying the purchases are going above the sanctioned limits and also to maintain the purchases in line ...
