siliconindia | | AUGUST 20228'RUPEES' GLOBAL SHOWDOWNIN FOCUSThe RBI declared a preparation for domestic traders to resolve imports and exports in rupees. The central bank stated this would facilitate global trade growth with a focus on exports from India and support the increasing interest of the international trading community in the domestic currency. India's trade with Russia stood at $13.1 billion in 2021-22. This arrives amid the rupee touching record lows against the dollar.Before putting this in place, all Category-I Authorised Dealer (AD) banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai. Presently, 60 percent of export/import payments by Indian firms are denominated in the US dollar, about 5-10 percent in rupee, and the balance in other currencies, including the euro. Even in cases where an Indian exporter obtains the payments in rupee, the By Kaushik KB, SI Staff
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