The Reserve Bank of India proposed measures to significantly boost the rupee’s use in cross-border trade, particularly with neighboring countries and major partners. This includes permitting banks to lend INR to non-residents for trade and establishing direct reference rates with currencies like the Indonesian rupiah and UAE dirham. Additionally, special rupee vostro account balances will gain wider investment eligibility.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets