India is taking steps to promote the use of its own currency for international trade. This is part of a push to boost its exports in countries that are grappling with a shortage of dollars, or that are being affected by Western sanctions. Trade experts say moves to promote the Indian rupee as an alternative to the dollar and currencies like the euro gained momentum after Western sanctions on Russia following its war with Ukraine prompted New Delhi and Moscow to trade in currencies other than the dollar including the ruble and rupee.
India’s commerce secretary, Sunil Barthwal, said at a news conference last Friday that New Delhi will support international trade using the rupee. “If there are countries where there is any currency failure or they are having dollar shortages or international currency shortages, we are willing to trade in rupees with them, which will take not only our exports forward but also disaster-proof those countries.”
Source: voanews.com