ഡോളറിനെ കടത്തിവെട്ടി രൂപ ,ഇത് ചരിത്രം !!|INDIAS BRAVE MOVE TO TRADE BY INDIAN CURRENCY|D3MEDIA|SAJAN

#d3media#dollar v/s rupee# #explainedinmalayalam#
ഡോളറിനെ കടത്തിവെട്ടി രൂപ ,ഇത് ചരിത്രം !!|INDIAS BRAVE MOVE TO TRADE BY INDIAN CURRENCY|D3MEDIA|SAJAN
How RBI's new system to settle foreign trade in Rupee helps India
As the rupee nosedives against the US Dollar amid global uncertainties, the Reserve Bank of India has introduced a mechanism to facilitate trade in rupee. This move is expected to save India precious foreign exchange, aim to break the dollar monopoly and arrest the plunging domestic currency.
The rupee settlement for foreign trade will benefit transactions with Russia which have been stalled since the war in Ukraine as US, Europe, Australia and Japan launched a series of sanctions against invading Moscow. Russian banks were promptly cut off from the international financial messaging system Swift, making it difficult for the country to access payments for its oil and gas exports that largely fuel its economy and keep its war machine rolling.
Russia's central bank assets were frozen to stop it using its $630 billion of foreign currency reserves and it could no longer make debt payments using the $600 million it held in US banks.
As the West and its allies choked avenues of funding for Russia, the country started working out alternative ways of economic exchange between friendly nations.
The new mechanism for settling foreign trade helps India to continue its trade with Russia for oil, a commodity that scaled new heights due to limited supply from OPEC, Russian sanctions and persisting supply chain blockages due to Covid and then the Ukraine war.
How will the new mechanism work?
Banks will now need to put in place additional arrangements for export and import transactions in rupee. First, they require approval from the Foreign Exchange Department of the RBI.
WILL THIS INDIAS BRAVE MOVE MAKE INDIAN CURRENCY A INTERNATIONAL ONE?WILL IT BE A RIGHT MOVE? HOW DOES IT HELP EXPORTERSAND IMPORTERS?IS INDIA FOLLOWING THE SAME PATH OF RUSSIA? CHECK THIS VIDEO