According to a source, like UAE, there are talks going on with Indonesia on real-time settlement and trading in local currencies, and the two countries are also talking about linking their fast payment systems.
Due to defence trade, Russia has accumulated a lot of rupee reserves, he added. In May, Russia s Foreign Minister Sergei Lavrov said talks were underway with India to exchange billions of rupees that have accumulated in Indian banks for other currencies
The Reserve Bank of India (RBI) will soon issue guidelines for banks for the resolution of certain issues being faced by exporters while undertaking rupee trade with other countries, a senior government official said on Friday.
Mumbai, The rupee depreciated 8 paise to 82.68 against the US dollar in early trade on Friday amid a muted trend in domestic equities and rising crude oil