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India's campaign for rupee trade finds fans from Russia to UAE

A greater use of the rupee in tea trade is an encouraging sign, but it's unlikely to boost the currency's status in a major way

Photo: Brent Lewin/Bloomberg
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Photo: Brent Lewin/Bloomberg

Adrija Chatterjee | Bloomberg
Indian tea exporters are getting interest from the United Arab Emirates and sanctions-hit Russia and Iran to pay in rupees, a nod toward the government’s plan to settle international trade in the local currency. 
 
Buyers from those countries are keen to pay rupees for Indian shipments, said P.K. Bhattacharya, secretary general of the Tea Association of India, an industry group that mainly represents producers in northern regions. This follows the central bank’s push to internationalize the currency, he added.

“With Russia, it might see the light of the day sooner, but for other countries it might take more time,” Bhattacharya

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First Published: Sep 26 2022 | 4:57 PM IST

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