International trade in INR
In recent years, many countries have expressed interest in trading with India using the Indian rupee (INR) as the primary currency. This is because India has been facing a shortage of foreign reserves, which has made it challenging to carry out trade in foreign currencies.
The United Arab Emirates (UAE) was one of the first countries to show interest in trading with India in INR for non-oil goods. This move was followed by Malaysia and Nigeria, who have also expressed their interest in trading with India using the INR.
According to sources, India will sign Memorandums of Understanding (MoUs) with these countries in April or May. This is a significant development for India, as it will help boost its economy and increase its foreign reserves.
Trading in INR has several advantages for India, including reducing the dependency on foreign currencies and increasing the value of the rupee. Additionally, it will also help improve trade relations between India and these countries.
Overall, the decision of UAE, Malaysia, and Nigeria to trade in INR with India is a positive step towards strengthening economic ties and promoting trade between these countries.
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