India is negotiating with a few countries to settle trade in the rupee to get a step closer to the internationalisation of the currency, a far cry at the moment.
Negotiations are on with Russia, Cuba and Sudan among others to do so. Officials are hopeful that Saudi Arabia, United Arab Emirates and Luxembourg would also come on board to have this kind of arrangement. Exporters also want a similar arrangement with Sri Lanka, given the forex crisis there.
The Reserve Bank of India (RBI) on July 11 unveiled a rupee settlement system for international trade. The move was aimed at promoting the growth of global trade with an emphasis on exports and imports from India and to support the