scorecardresearchRBI announces measures for international trade settlement in rupees

RBI announces measures for international trade settlement in rupees

Updated: 12 Jul 2022, 08:08 AM IST
TL;DR.
Before putting in place this mechanism, banks will require prior approval from the Foreign Exchange Department of the Reserve Bank of India (RBI), the central bank said in a circular.
The Reserve Bank of India (RBI) has $620 billion as forex reserves (about 15 months of import cover) and it is mostly held in dollars ($200 billion), while gold and other major currencies form the remaining amount. While the probability of India facing sanctions from the West is low, there could be other geopolitical risks. (PTI)

The Reserve Bank of India (RBI) has $620 billion as forex reserves (about 15 months of import cover) and it is mostly held in dollars ($200 billion), while gold and other major currencies form the remaining amount. While the probability of India facing sanctions from the West is low, there could be other geopolitical risks. (PTI)