NEW DELHI – Indian rupee lost ground against the dollar in the international market but INR is set to edge closer to becoming an international currency as it woos several countries including Russia, Germany, Singapore, and Britain.
Reports in international media suggest that a number of countries are set to challenge the greenback’s domination in international trade. Among the below-mentioned countries, Kremlin pushed for facilitating trade in local currency for a process dubbed de-dollarisation, which will help these countries to boost exports.
The group includes Russia, Singapore, Sri Lanka, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Seychelles, Tanzania, Uganda, and the United Kingdom.
China is also leading as a potential candidate to offer currency for global trade in aftermath of the sanctions imposed on Russia by the Western world.
India is the fifth largest economy across the globe and is likely to nurture by 2023 as traders mulled importing goods by paying in rupees. The move will also cut the exchange rate risks faced by these traders in the international market.
New Delhi will also be able to export more; the Indian government of late announced boosting trade with Nepal, Bhutan, and other South Asian nations.
