India, Iran explore settling trade in rupee: Iran's Foreign Minister

India and Iran have "surveyed" the possibilities of settling trade transactions in rupee or through barter system, along with discussing a need to establish a banking mechanism, foreign minister of the Middle Eastern country, Hossein Amir-Abdollahian, said on Thursday.

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MUMBAI: New Delhi and Tehran have also agreed to "precipitate" investment in the Chabahar Port which is being developed with the help of India, the visiting minister said.

"Yesterday, we discussed with Indian high officials as a special need with my colleague the external (affairs) minister on the need to establish a banking mechanism, Abdollahian said at an event organised by the World Trade Centre here.

The two sides "surveyed" the possibility of trade in local currency, including rupee, or otherwise barter, he added.