Rupee Closer To Replacing Dollar As 18 Nations Agree To Trade In INR

India’s Minister of State for Finance, Bhagwat Karad, informed parliament that the rupee was closer to replacing the dollar as 18 nations agreed to trade in INR.

Indian rupee is edging closer to becoming an international currency with more and more countries working to de-dollarise global trade. Several nations have expressed interest in facilitating international trade in INR and to make the process smooth, India’s central bank – RBI- has given approval for opening 60 special rupee vostro accounts in 18 countries including Russia and Sri Lanka.

India’s Minister of State for Finance Bhagwat Karad informed parliament that as per records, India’s central bank – Reserve Bank of India (RBI) – had granted approval to “domestic and foreign AD (Authorised Dealer) banks in 60 cases for opening SRVAs of banks from 18 nations” for settling payments in Indian rupees.

The minister further said, out of the 18 countries, Russia has been vocal in facilitating trade in local currency for the overall process of “de-dollarisation”. He went on to say that India, however, has been supporting the idea of trade in local currency majorly to boost exports.

After a discussion held in the Sri Lankan capital, Colombo, last week, India has decided to dump the US dollar in trade with Sri Lanka.

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