RBI to set reference rates for UAE dirham, Indonesian rupiah
The Reserve Bank of India (RBI) is making moves to get the Indian rupee used more in international trade.
The RBI recently announced it will establish reference rates for the UAE dirham and Indonesian rupiah, adding to existing rates with big currencies like the US dollar, euro, Japanese yen, and British pound.
It's all part of PM Modi's push to make the rupee more visible worldwide and cut back on relying so much on foreign currencies.
Making the rupee a global currency
If the rupee gets used more for global deals, it could mean lower costs and less risk for Indian businesses—think smoother payments and fewer currency headaches.
The RBI is also eyeing reference rates with nearby countries and Mauritius, tying into India's big goal to become a developed nation by 2047 and outpace economies like Japan and Germany.
This isn't about ditching the dollar, but about making the rupee a real player on the world stage.