Will rupee replace dollar in global trade? | THE WEEK

Rupee trade settlement is a method of using Indian rupee instead of the US dollar and any other big currency like the Euro or the yuan for international transactions. Russia was the first country to start foreign trade in Indian rupee and many of India's neighbors like Bangladesh and Nepal, who have been straggling with low dollar reserves, are keen on trade settlement in rupees.
However, getting buyers for the India rupee in exchange for the dollar is not easy, as there is a lot more demand for the American dollar than for the Indian rupee, which is not fully convertible.

#rupee #dollar #indianrupee #indianrupees #india #euro #money #tradesettlement
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