India Rupee International Trade: The strength of the Indian rupee is now being seen in international business. Indian rupees are now being traded with 34 countries. By the year 2022 this number was only 18. Which simply means that the rupee has now reached more countries than before for trade.
The data of Forex Exchange Dealers Association (FEDAI) was shared in the recent meeting of Reserve Bank of India officers and exporters. In this regard, exporters said that increasing access to rupee will reduce dependence on dollar.
What will be the benefit?
According to information received from various media platforms, the need for internationalization of the rupee was felt after the Russia-Ukraine war. Increasing trade in rupees also reduces trade costs and risks. Also, reduced costs help exporters to gain a place in the market.
There may also be external political influence on dollar prices and payment methods. Due to which business may be disrupted. To avoid all this, increasing trade in rupees can prove to be a positive step.
With which countries trade is being done in rupees?
Now direct trade is taking place in Indian Rupees with many big and emerging countries of the world. This includes countries like Australia, Bangladesh, Belarus, Belgium, Botswana, China, Egypt, Fiji, Armenia, Germany, Guyana and Indonesia. Along with this, Japan, Kenya, Kazakhstan, Kyrgyzstan, Maldives, Mauritius, Magnolia, Myanmar and New Zealand are also doing business under this arrangement.
Apart from these countries, money has also reached Oman, Qatar, Russia, Singapore, South Korea, Sri Lanka, Tanzania, United Arab Emirates, Uganda, United Kingdom and United States. Even in these countries, business is now being done in rupees. Indian currency is continuously getting acceptance at the international level.
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