Indian Rupee Has Become The World`S Fourth Most Recognized Currency
"The recent gravitation of more countries, including the likes of Tajikistan, Cuba, Luxembourg and Sudan towards the Indian rupee settlement mechanism has been very encouraging. The increasing participation of these countries strengthens the hold of rupee as a currency in the international Forex market," said - Nikhil Varma, Managing Partner, MVAC. [...] Experts believe rupee becoming an international currency would likely reduce India's trade deficit and the rupee will be strengthened in the global market A currency is generally termed 'international' if it is widely accepted across the world as a medium of exchange for trade. [...] It is widely believed if the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run.SBI Research, in a report in early July, said, an interesting development is taking place in the global currency market as there has been a significant jump in trade in oil and other commodities in currencies such as the Renminbi, Hong Kong Dollar, and Arab Emirates Dirham.