INDIAN Rupee Goes Global with 18 Countries Accepting it | #shorts
Several countries willing to settle trade in Indian Rupee as it cuts transaction cost
Indian Rupee goes global! 18 countries agree to trade in INR
Indian Rupee is now going global as 18 countries have agreed to trade in Rupee. The world is trying to de-Dollarize the international market amid a global economic slowdown and India is turning this into an opportunity. Now trader will be able to import goods from other countries by paying in Rupee. The central bank, RBI, has allowed 18 countries which include Germany, Kenya, Sri Lanka, Singapore, UK and many other countries to transact in Rupee.
It will also reduce India's trade deficit. India's merchandise trade deficit which is export minus import, was $233 bn in April 2022 to January 2023. With this, India will be able to export more as more countries are willing to trade in Rupee.
It will boost trade with South-Asian countries such as Nepal and Bhutan. On top of that, it will promote the development of financial markets. The BRICS countries have already tried to de-Dollarize the international market following the sanctions imposed on Russia by west world. That gave China the opportunity to emerge as a potential alternative to the US.
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