The government has encouraged large oil exporters to accept the rupee to settle trades, while the RBI has allowed banks in 18 countries to open special accounts to settle transactions in rupees. But progress on turning the rupee into a hard currency has been slow so far.
Indian Rupee: Currently, India is the fastest growing major developing economy in the world. Very soon it is expected to be the third largest economy. Global sentiments are bullish on the Indian economy.
Currently, India is the fastest growing major developing economy in the world. Very soon it is expected to be the third largest economy. Global sentiments are bullish on the Indian economy.
Global rupee trade off to a good start - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
India is among the nations seeking to lessen their dependence on the US dollar in trade and cross-border transactions, launching initiatives to boost the rupee’s position as an internationally recognized reserve and payment currency. The rupee has room for more progress, but India has made great strides in raising its international status.