International trade saying goodbye to the US dollar..!?

Sowmiya Sriram
international trade saying goodbye to the US dollar..!?
Russia plays an important role in international trade with India. There has been a steep increase in Russian oil exports to India. russia has increased its crude oil exports to india by ten times this year. The fact that Russian crude oil now meets nearly ten percent of India's import oil consumption is a significant example of the two countries trade relationship. In this situation, the bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">state bank of india has supported India's efforts to start the trade settlement with russia soon in rupees.
Federation of indian Export Organizations (FIEO) president Sakthivel told reporters on wednesday (September 14) that india will soon start trading with russia as the bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">state bank of india has agreed to ease the trade process. The trade body chief's comments come months after the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india announced a mechanism to denominate payments for international trade in rupees, particularly for India's exports.
The announcement comes as India's exports to russia have fallen by a third in the first four months of this fiscal year, while imports have continued to rise, especially as india risks facing a foreign exchange deficit due to increased crude oil imports. Almost ten percent of India's oil consumption is met by Russian crude oil. Against this background, it is widely believed that if the new initiative of trading in the rupee succeeds, it will succeed in internationalizing the indian currency, the rupee.
SBI Research recently said in a report that an interesting development is taking place in the global currency market as there has been a significant improvement in the trading of oil and other commodities in currencies like the hong kong Dollar, Renminbi, and Arab Emirates Dirham. sbi Research said in a statement that efforts to gradually move away from the dollar have begun, and in a changing global trade environment, they believe that now is the time for india to promote the rupee as a credible, secular alternative.

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