This would enable exporters and importers to invoice and pay in their respective domestic currencies enabling the development of a bilateral foreign exchange
Indian government has been promoting Rupee trade with several countries to save forex, aiming at reducing dependence on the US Dollar and strengthening regional currency and trade
On Monday, the Indian rupee recorded a gain of 15 paise, closing at 81.83 (provisional) against the US dollar. This upturn was prompted by a significant surge in India's forex reserves, positively impacting investor sentiments.
At the interbank foreign exchange, the domestic unit opened at 82.01 against the dollar and then rose to 81.77, registering a gain of 33 paise over its previous close.