News > Rupee settlement will help India trade with Russia

Rupee settlement will help India trade with Russia

Dais Newsfeed | 12/07/2022 05:47 PM | Click to read full article

The Indian central bank’s decision to let importers pay with rupees and exporters be paid in rupees is likely to make trade easier with Russia and South Asian neighbours, and will help a long-term goal to internationalise the currency, experts said. 

On Monday, the Reserve Bank of India said it had put in place a mechanism for international trade settlements in Indian rupees (INR) with immediate effect.