Record lows for the rupee in quick succession over the past few months have evidently ruffled the Reserve Bank of India’s (RBI) feathers. For the first time, the central bank has moved to internationalise the currency.It rolled out a mechanism yesterday (July 11) for domestic players to settle trade in rupees apart from dollars. This, it said (pdf), is aimed at promoting “growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in the rupee.”The move comes after Indian traders faced hiccups in paying overseas clients, especially those in sanctions-hit Russia since the Ukraine war began. It requires foreign entities to s
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