India’s central bank has allowed traders to settle imports and exports in rupees, the domestic currency, in a move that some analysts said will facilitate trade with Russia, Mint reported.
The Reserve Bank of India’s new policy comes in the wake of the rupee crashing to all-time lows against the US dollar, with some analysts suggesting that allowing trading in the local currency will help reduce pressure on the nation’s foreign exchange reserves, the report added.
Read the full report: Mint.
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