Rupee Trade Gains Momentum, But More Internationalisation Steps Remain

India wants more countries to use its rupee for buying and selling goods.

It recently changed trade rules so exporters can receive rupee payments and still get trade benefits.

The use of rupees for exports has increased, but it is still relatively small.

Rupee payments for imports have risen sharply, largely because India bought more oil from Russia.

Russia has collected many rupees but has had difficulty using them.

The Reserve Bank of India has allowed some surplus rupees to be invested in Indian financial products.

The article says India needs agreements with more countries to make rupee trade easier.

It suggests that currency-swap arrangements like China’s could help foreign banks obtain rupees.

The rupee may become more important as India’s global trade grows.