Exporters Urge RBI To Help Boost Trade Settlement In Rupee

EXPORTERS HAVE URGED the Reserve Bank of India (RBI) to promote greater awareness of trade settlement in rupees and in the currencies of key trading partners, as an alternative to the US dollar.

- FE BUREAU

The RBI should share information about the banks that facilitate local currency trade, said Federation of Indian Export Organisations (FIEO) president SC Ralhan during a meeting with RBI governor Sanjay Malhotra last week in Mumbai. "Better awareness will lead to better use of this service," he had stated.

Ralhan noted that settling trade with some countries in rupees, instead of dollars, helps conserve foreign exchange and simplifies trade processes.