RBI's move to settle trade transactions in rupee timely: Exporters

Exporters said the move was a step towards acceptance of rupee as an international currency.

Exporters cheered as the Reserve Bank of India (RBI) on Monday accepted their demand to set up a mechanism to settle international trade transactions in rupee, a move they said would enable trade, especially with sanctions-hit nations.

While the central bank’s decision will apply to almost all trading partners of India, exporters said that one of the main triggers was to ease the disruption created by international trade since Russia's invasion of Ukraine from February 24. They also said the move was a step towards acceptance of rupee as an international currency.

Federation of Indian Export Organisations (FIEO) President A