Its initiatives to encourage the use of the Indian rupee in foreign trade were discussed by Reserve Bank of India (RBI) governor Shaktikant Das in a recent interview with the Financial Times. With the US dollar’s strong increase against the majority of other currencies in 2022, this may be a wise policy move. In July 2022, the RBI approved the use of special rupee vostro accounts with foreign banks for export and import invoicing, payment, and settlement. Although there is little official data on actual transactions to date, it is obvious that policymakers are eager to promote more internationalisation of the rupee.
