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RBI panel sets global road map for rupee
Mint Mumbai
|July 06, 2023
A Reserve Bank of India (RBI) appointed committee on Wednesday has recommended a roadmap to achieve internationalisation of rupee including efforts for inclusion in the International Monetary Fund’s Special Drawing Rights (SDR) basket.
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The inter-deparmental group headed by RBI executive director RS Ratho in its report said the rupee has the potential to become an international currency as India is one of the fastest growing economies and has shown resilience in the face of major headwinds. It also said India has made progress in capital account convertibility, global value chain integration and setting up of GIFT city.
The higher use of rupee in invoicing and settlement of international trade, as well as in capital account transactions, will give it a progressively international presence, it said.
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