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India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. ....
India should become a middle-income country and then push to make the INR (rupee) a hard currency, according to think tank GTRI. The process involves several factors, including economic stability, strong fiscal and monetary policies, political stability, and the presence of a reliable and stable store of value. The US Dollar is the most dominant hard currency, used in a significant majority of international transactions and as a benchmark currency for most commodities. ....
The recent drop in the value of the Indian rupee might not cause a big change in inflation rate unless the currency falls even more, according to experts. Economists say that the Indian currency would need to drop significantly more than it already has against the dollar for it to affect inflation. ....