12.07.2011, 18:25
Zitat:Iran payment nudge to rupee<!-- m --><a class="postlink" href="http://www.telegraphindia.com/1110711/jsp/business/story_14223502.jsp">http://www.telegraphindia.com/1110711/j ... 223502.jsp</a><!-- m -->
JAYANTA ROY CHOWDHURY
New Delhi, July 10: The finance ministry is considering the option of allowing the buyers of Iranian crude to open letters of credit in rupee terms which can be used by Iran to purchase Indian goods, mainly tea, machinery and engineering services. The move opens up the possibility of the government strengthening the baby steps taken towards globalising the rupee.
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If the deal goes through, it will be the first tentative move towards making the rupee an international currency. The accepted hallmark of a global currency is that goods traded between nations are invoiced in it. In India’s case, almost the entire bulk of its foreign trade continues to be denominated in US dollars.
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The Reserve Bank has prepared an academic paper that suggests that rupee convertibility can happen at some stage. “India needs to take steps to increase the role of the Indian rupee in the region to catch up with the growing influence of the Chinese renminbi,” the RBI study said.
Many, however, feel India should consider more aggressive steps to promote trade in its currency. D.K.Joshi, chief economist of Crisil, said, “The Chinese are doing trade deals in renminbi with many countries and we should do the same.”
However, finance ministry officials say that though the use of the rupee for international transactions will reduce forex risks for Indian traders, it will make the currency more vulnerable to external economic shocks and less responsive to the RBI’s monetary policy measures as large tranches of the currency can remain outside the country.
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