Interesting follow up on this old thread: http://indianexpress.com/article/business/business-others/iran-india-to-settle-outstanding-crude-oil-dues-in-rupees/
Udhay On 06-11-2009 07:50, Udhay Shankar N wrote:
http://www.ft.com/cms/s/0/0eaa4a80-c856-11de-a69e-00144feabdc0.html Gold extends record high on India purchase By Javier Blas in London and James Lamont in New Delhi Published: November 3 2009 09:08 | Last updated: November 4 2009 09:51 Gold prices continued to rise on Wednesday extending the all-time highs which followed India’s central bank bought 200 tonnes of the precious metal, swapping dollars for bullion as the country’s finance minister warned the economies of the US and Europe had “collapsed”. India’s decision to exchange $6.7bn for gold equivalent to 8 per cent of world annual mine production sent the strongest signal yet that Asian countries were moving away from the US currency.
