India, Russia ditch dollar to boost trade in rupees and rubles
India and Russia just agreed to ramp up their trade by using their own currencies—the rupee and the ruble—instead of the US dollar.
The goal? Make trading smoother, cut out currency headaches, and hit a big target: growing trade from $68.7 billion now to $100 billion by 2030.
Both countries are also working on removing trade barriers and making it easier for goods (and payments) to move between them.
Why should you care?
Trading directly in national currencies helps both countries avoid wild swings in global markets—and could shrink India's trade deficit with Russia.
Better logistics and fewer barriers have the potential to lead to more job opportunities, faster tech exchanges, and cheaper goods down the line.
Plus, with digital payments, new transport routes, and talks for a free trade deal with Eurasian nations underway, this partnership could open up fresh possibilities for young entrepreneurs, travelers, and anyone interested in global careers.