India pushes to expand rupee settlement with key trade partners

Contributing sentiments towards policy:

58% : "The focus of authorities is on internationalization of the rupee by increasing its usability for trade and capital transaction among neighboring countries," said Gaura Sen Gupta, chief economist at IDFC FIRST Bank.
56% : The country is also negotiating similar agreements with the US, the EU, Peru, Oman, and New Zealand, among others.
43% : The moves are part of Prime Minister Narendra Modi's effort to push greater use of the rupee in international transactions, mirroring similar efforts by China and other regional peers.
42% : India's central bank is taking active steps to allow free-trade partners to settle transactions with it more easily in the rupee, a person familiar with the matter said, a move that could help boost the local currency over time.
41% : The International Monetary Fund expects the South Asian nation to surpass Japan as the world's fourth-largest economy this year and overtake Germany to rank third by 2027-28. India also views a multi-currency regime as a stable and desirable option for global trade settlements, the person said.
41% : India has free-trade agreements with more than a dozen countries and blocs, including deals signed with the UK, Australia, and the UAE in recent years.
14% : US President Donald Trump has repeatedly attacked the BRICS grouping of nations, accusing it of trying to develop a common currency to undermine the dollar.

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