India taking rupee global to grab piece of dollar trade – ex-central banker ...News

The move could ease settlements with countries with low US currency reserves The Indian rupee’s global ambitions could ease trade settlements with other nations, a former official from the country’s central bank has said. Asia’s third-largest economy, and one of the world’s fastest growing, is pivoting away from its dollar dependency to ensure its foreign exchange reserves remain stable. Last month, India’s forex reserves edged up to nearly $600 billion, a one-year high. “India is trying to make the rupee easier to be a currency of transaction and payments with its partners for its own trading needs,” Usha Thorat,

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