The Reserve Bank of India has announced a new mechanism that will allow domestic players to settle trade in rupees, instead of dollars. This move is aimed at promoting exports from India and supporting the increasing interest of the global trading community in the rupee. The move comes after Indian traders faced hiccups in paying overseas clients, especially those in sanctions-hit Russia since the Ukraine war began. The RBI's foreign currency reserves have been depleted in recent months as the rupee has plunged against the dollar. This new measure will help expedite Indian entities' overseas transactions and reduce demand for the greenback. However, it is not clear if other large trade partners will prefer settling transactions in rupees. To read more, use the button below to open the original external article.