Rupee was globalized to promote easy trade with other nations

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Mumbai: India's efforts to internationalize the rupee are aimed at facilitating trade settlements with other nations, said former Deputy Governor Usha Thorat.

India does not want to make the rupee a reserve currency, she said. India is trying to make it easier to make the rupee a transaction and payment currency with its partners for its own trading needs.

The world's fastest-growing major economy is trying to use the rupee for its global payments to reduce demand for the dollar and also offer the local currency as a trade settlement option for countries facing greenback shortages. This move can help the country's trade and businesses in exchange risks.

The role of international reserve currency is best fulfilled by the dollar because it is convertible and dominated. India's share of global trade, both exports and imports, is about 7 percent. Similarly the share in financial flow is also almost same. It will take a long time for India to dominate global trade.

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