Developed and developing countries, including Bangladesh, Sri Lanka, and Gulf nations, aim to start rupee trade with India to reduce transaction costs, with Singapore already participating.

Many developed and developing countries, including Bangladesh, Sri Lanka, and nations of the Gulf region, are keen to start trade in rupee with India. This move would help cut transaction costs for businesses. Commerce and Industry Minister Piyush Goyal says that this development could be a "very game-changing" dimension to India's international trade, with Singapore already on board. As countries gradually realize the advantages of trading in their own domestic currencies, more nations, including those in the Far East, are expected to join the bandwagon.

March 11, 2024
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