India, Ghana agree to operationalise UPI in 6 months
UPI payments can already be made in countries such as France, UAE, Sri Lanka and Mauritius
Source: moneycontrol.com
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Mint Explainer: Why India's push for global trade payments in rupees has had limited success
The government has encouraged large oil exporters to accept the rupee to settle trades, while the RBI has allowed banks in 18 countries to open special accounts to settle transactions in rupees. But progress on turning the rupee into a hard currency has been slow so far.
Source: livemint.com
Exporters unable to leverage rupee depreciation to boost export order value: Industry
There is a shortage of foreign exchange with India’s major export destinations, including Latin America and Africa.
Source: moneycontrol.com
India using rupees to pay for gold imports from UAE: Govt source
The rupee settlement of trade between India and the UAE assumes significance, given that the two countries signed an MoU in July 2023 to set up a framework to use their respective local currencies to settle bilateral transactions.
Source: moneycontrol.com
First rupee payment for oil to UAE: India looks for more deals, no targets: Officials, ET Auto
Oil Imports: With the nation more than 85% dependent on imports for meeting its oil needs, India has been pursuing a three-pronged strategy of buying from the cheapest available source, diversifying sources of supply and not breaching any international obligation like the price cap in case of Russian oil.
Source: indiatimes.com