The US Dollar dominates the global currency market. But now it may soon have a new entrant. Indian rupee is edging closer to becoming an international currency with more and more countries agreeing to trade in the currency instead of dollar. The Reserve Bank of India (RBI) has given the go-ahead for India and Tanzania to use their national currencies for bilateral trade settlement. Which means the countries can ditch US dollar and India can use Rupee for trade with Tanzania. Benefit? This will reduce the cost of transactions and enhance the efficiency of cross-border trade. This, in turn, will lead to increased trade volumes and greater economic cooperation between India and Tanzania. With this, tanzania became the 18th country in the world to agree to trade in Rupees. What does that mean for India’s attempt to turn Rupee into global currency? Let’s understand in this video.
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