Explore infra for trading beyond $-₹ currency pairs: Malhotra to CCIL

RBI's Sanjay Malhotra urges CCIL to broaden forex, derivatives, and tech-driven services to aid rupee internationalisation

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday said the Clearing Corporation of India (CCIL) could explore the possibility of putting in place necessary infrastructure to facilitate trading and settlement services for currency pairs beyond the US dollar and rupee (USD-INR), in line with the broader objective of internationalisation of the rupee.

 

CCIL currently facilitates settlement in USD-INR only. 

RBI has been making efforts to internationalise rupee by taking a number of steps including bilateral currency arrangements, rupee trade settlement mechanism, opening of special vostro accounts, etc. 

CCIL provides guaranteed settlement of interbank USD-INR foreign exchange trades via