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India and Russia completed their first trade settlement in Rupee in December 2022 under an agreement called International Settlement of Trade.
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Countries like Sri Lanka, Bangladesh, and Mauritius are already considering bilateral trade settlements in Indian Rupee, while Saudi Arabia and UAE are likely to start payment mechanisms in Rupee
Indian Rupee has strong fundamentals to emerge as an international currency. If that happens India will be able to do international trade transactions in Rupee instead of Dollar.
India and Russia completed their first trade settlement in Rupee in December 2022 under an agreement called International Settlement of Trade.
Countries like Sri Lanka, Bangladesh, and Mauritius are already considering bilateral trade settlements in Indian Rupee, while Saudi Arabia and UAE are likely to start payment mechanisms in Rupee.
A balanced approach will be beneficial for India in achieving its international aspirations creating more opportunities for trade and investment and make the rupee more stable predictable and in demand across the planet.
The 18 countries that have been allowed to trade in Indian rupees are:
1 – Russia
2 – Singapore
3 – Sri Lanka
4 – Botswana
5 – Fiji
6 – Germany
7 – Guyana
8 – Israel
9 – Kenya
10 – Malaysia
11 – Mauritius
12 – Myanmar
13 – New Zealand
14 – Oman
15 – Seychelles
16 – Tanzania
17 – Uganda
18 – United Kingdom.
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