India Considering Sovereign Currency To Purchase Iran's Oil

Sorry if this has already been posted, just found this however. India is joining China's stance against the schoolyard bully (U.S) by continuing business with Iran in it's own currency.

"India said Monday it may use its own currency, the rupee, to pay for oil imports from Iran in the face of a US-led sanctions campaign aimed at forcing Tehran to abandon its nuclear programme.

India has said it will continue to import oil from Iran, joining China in refusing to bow to intensifying US pressure not to do business with Iran.

India currently routes its dollar payments for Iranian crude through a Turkish bank -- an avenue that might be closed off as Washington ratchets up pressure on the Persian Gulf state.
"There are different (payment) options which are being evaluated and discussed. We are also considering the rupee as an option," Reserve Bank of India Deputy Governor H.R. Khan told reporters."

More here:
[link to news.yahoo.com]