Recently US banned on Iran, between this India and Iran, could be make an agreement on bilateral trade with use of Rupees and Iranian Rial. Reuters has quoted sources saying that under this agreement, India will not be compelled to depend on the dollar to buy crude oil from Iran. India will be able to buy crude oil by paying Rupee to Iran. Along with this, India has to pay only half of the price of the total crude oil being bought by Iran through this agreement. India will be able to export its product in Iran instead of half the amount.
It has been more than a month since the US ban on Iran. No country in the world can trade with Iran due to this restriction. India and China is Iran's biggest trading partner and US sanctioned 6 months to close the business, including 8 countries, with India and China.