RBI wants Indian Rupee's globalisation

The internationalisation of the Indian Rupee has already commenced with exporters invoicing in the local currency, and it is likely to see a surge in the coming years as it becomes a primary vehicle to help India realise its ambition of a developed economy, Reserve Bank of India's (RBI's) Deputy Governor T Rabi Sankar said Thursday at a media event in Mumbai.

- BY S VENKAT NARAYAN OUR SPECIAL CORRESPONDENT

"When your currency is not commonly used or acceptable for global cross-border trades, that does not happen," Rabi Sankar said. India needs to create the right conditions.

"The number of invoices in rupees is going up, but it is still quite low. But we believe that if you create conditions, eventually you will reach a situation where people start doing that," he added.