In a strategic move to cut reliance on the US dollar, India has allowed international trade settlements in Indian rupees. The initiative, now operational through 156 accounts across 26 Indian banks, facilitates cross-border transactions in local currency and has already saved the country approximately $13 billion through Russian oil imports.
The shift is supported by bilateral currency agreements with nations such as the UAE and Bangladesh, enabling smoother trade operations and reducing foreign exchange risks. By promoting the rupee in global trade, India aims to enhance efficiency in settlements and protect its economy from fluctuations in the US dollar.
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Experts view this policy as part of a broader effort to strengthen the Indian rupee’s position in international markets while ensuring stability in trade and financial transactions.
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