India Offers Rupee Trade Option to Nations Facing Dollar Crunch
- New Delhi has been pushing to internationalize the rupee
- Central bank unveiled plans for rupee settlement last year
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India will offer its currency as an alternative for trade to countries that are facing a shortage of dollars in the wake of the sharpest tightening in monetary policy by the US Federal Reserve in decades.
Facilitating the rupee trade for countries facing currency risk will help “disaster proof” them, Commerce Secretary Sunil Barthwal said during an announcement on India’s foreign trade policy Friday in New Delhi.