Rupee To Replace Dollar: The UAE may soon join the 18 other countries that have agreed to trade in Indian rupees and abandon the dollar as a cross-border transaction currency.
A senior official told media sources that talks are underway with the United Arab Emirates (UAE) to settle trade in Rupee-Dirham for imports and exports.
The agreement is expected to be announced soon by the top leaders of both countries.
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According to the most recent report, as more countries try to de-dollarize international trade, the Indian rupee is getting closer to becoming a recognised currency. The RBI has authorised the opening of 60 special rupee vostro accounts in 18 countries, including Russia and Sri Lanka, to facilitate the smooth operation of international trade in INR.
Indian Rupee is the new boss! Rupee races to replace dollar as UAE to join 18 others to settle trade in INR#orchidresearch #rupees #indiancurrency #finance #financenews #business #money #investing #financialfreedom #investment #entrepreneur #trading #stockmarket #stocks… https://t.co/KD4815Me8a pic.twitter.com/VsOgMM2wFf
— Orchid Research (@orchid_research) March 21, 2023
Russia, among the 18 nations, has been vocal in promoting local currency transactions as part of the larger “de-dollarization” movement, according to the minister. Nonetheless, he continued, India has been promoting the idea of trade in local currency in order to boost exports.
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List of countries allowed to trade in Indian rupees
– United Kingdom
– Malaysia
– Russia
– Singapore
– New Zealand
– Sri Lanka
– Myanmar
– Botswana
– Israel
– Fiji
– Oman
– Germany
– Kenya
– Guyana
– Mauritius
– Seychelles
– Tanzania
– Uganda
What is Special Rupee Vostro Account (SRVA)?
In July, the RBI published comprehensive guidelines for cross-border commercial transactions in Indian rupees, kicking off the SRVA process (INR). It has been decided to implement a new export and import system that will allow for INR invoicing, payment, and settlement.
