India Pushes to Expand Rupee Settlement With Key Trade Partners

India’s central bank is taking active steps to allow free-trade partners to settle transactions with it more easily in the rupee, a person familiar with the matter said, a move that could help boost the local currency over time.

Initial steps include establishing direct rupee rates that don’t rely on a third currency, such as the US dollar, for cross-reference, said the person familiar with the central bank’s thinking, asking not to be named because the discussions are private.