Nokia (NOK) Now Using Rupee for Ovi Indian Payments

News that Nokia Corp. (NYSE:NOK) has moved to rupee as the currency it uses to make exchanges in its Ovi Store in India, has been responded to well from users in the country.

V Ramnath, the Director - Operator Channels at Nokia (NYSE:NOK) India, said, “Our partnership with Reliance Communications is a big step towards providing Indian consumers easy and simplified access to Ovi Store content through operator billing. The response from consumers in India has already exceeded our expectations, with the number of weekly downloads crossing 4.5 million. Ovi Store is focused on providing relevant and useful content to our consumers to help them get the most out of their mobile lifestyle.”

Nokia and Reliance Communications recently announced they were entering into a partnership concerning the Ovi application store for mobile phones sold by the company.

Nokia was trading at $8.59, down $0.28, or 3.16 percent, as of 2:34 PM EST.

Citigroup (NYSE:C) Issues Notes Tied to Indian Rupee

Citigroup Inc. (NYSE:C) has reportedly issued $50 million in structured notes connected to the exchange rate between the Indian rupee and the U.S. dollar.

This is the largest sale of structured notes tied to Forex since March in the U.S.

The securities offer a 5.7 percent annualized interest rate, and are over a six-month period.

If the U.S. dollar rises above 46.2 rupees, investors in the notes offered by Citigroup would lose money, said the bank. The rupee traded against the U.S. dollar on Tuesday at 45.32 a dollar.