The days of US dollar hegemony appear to be numbered as multiple countries have adopted alternative currencies to the US dollar for international transactions.
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India opts to offer its Indian Rupee (INR) as a trade currency alternative to the US dollar to the countries that are facing a shortage of dollars or currency failure, after it unveiled its latest "dynamic and responsive" foreign trade policy on Friday in a bid for de-dollarization.
Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1. The Foreign Trade Policy 2015-20, which was to end in March 2020 was extended due to the Covid-19 pandemic and volatile geo-political scenario and was set to end today. India Unveils New Foreign Trade Policy 2023 To Boost Exports, Focus on International Trade Settlement in Rupees (See Pics).