ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Vietnam- The Ho Chi Minh Trail

the current negotiations is that since the rupee has got devalued vis-a-vis the rouble, current invisible payments as well as servicing of previous debt should be settled in terms of a devalued rate for the rupee. Acceptance of this contention would mean upvaluation of the outstanding loans to be repaid to the Soviet Union. A point could be raised here about the justification for such an upvaluation when the loan contracts are expressed in terms of rupees. But the Russian argument is that the gold panties of the rouble and the rupee form the basis of the payments agreement between the two countries and since the gold content of the rupee has declined such an upvaluation is long overdue.

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