Trade in rupee with Russia: A good start with tea, pharma, engg goods items

The much-awaited trade settlement in the rupee with sanctions-hit Russia has started, with exporters witnessing such transactions fructifying for items, such as tea, pharmaceuticals, and engineering goods, people aware of the matter said.
 
Such transactions kicked off a week ago and are gradually expected to pick up pace amid the government’s efforts towards ironing out the teething troubles related to the implementation of the rupee trade mechanism, said one of the persons cited above.
 
 As on December 14, nine Indian banks had received approval to open 17 special vostro rupee accounts for trade settlement with Russia. These Indian