India pushes for settlement of international trade in rupee with Sudan

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India

India has reached out to Sudan towards settlement of international trade in rupee as part of its push towards internationalisation of the domestic currency.

“We have reached out to Sudan through the ministry of external affairs and have made our proposal. Sudan is yet to take a decision on this,” an official told Business Standard .

If implemented, India will be able to import crude oil from the African country, and make the payment in local currencies. This can boost exports and save the country’s forex reserves that are currently under pressure, the official cited above said.

Separately, Ambassador of