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In July 2022, the Reserve Bank of India set up India's rupee trade settlement mechanism. Under this mechanism, Indian Rupee will be used for international transactions instead of foreign currencies such as dollars. Russia became the first Overseas country to start foreign trade in Indian rupee. After this, about 35 Nations have expressed interest in the rupee trade mechanism. The interested nations will open special rupee accounts. The invoice of the goods and services will be made in Indian rupees. When an Indian importer wants to buy goods or services from a foreign trader, money will be deducted from his account and credited to this special rupee account. And when an Indian exporter wants to sell goods or services to a foreign trader, money will be debited from this special rupee account and will be credited to his account. This will eliminate the need to convert rupee into other currencies for making payments. That will increase the demand of the Indian rupee in the international market. With increasing international acceptance as a medium of exchange for trade, Indian Rupee is going global.
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