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Indian rupee is now increasing its acceptability in other countries by crossing the border. Recently, the government has agreed with Bangladesh to trade in rupees in import and export. Meanwhile, preparations have started in another neighboring country to accept the Indian rupee. Sri Lanka, which has been grappling with an economic crisis since last year, is considering accepting the Indian rupee on par with the dollar, euro and yen for local transactions. Foreign Minister Ali Sabri gave this information on Saturday. This step will provide relief to Indian tourists and businessmen.
Sabri was addressing the media regarding the July 20-21 visit of President Ranil Wickremesinghe to India. President Wickremesinghe, who was on his first visit to India after taking office last year, met Prime Minister Narendra Modi on Friday. “We have looked at the possibility of using the Indian rupee, just as we accept the dollar, euro and yen,” Sabri said. By allowing its direct use, Indian tourists and businessmen will not have to change currency frequently.
Both the countries on Friday agreed that the adoption of the rupee as the currency for trade between them would make commercial ties stronger and more profitable. Both the countries have agreed to operationalize Unified Payments Interface (UPI) based digital payments to enhance trade and transactions between businesses and common people. An agreement has been signed between NPCI International Payments Limited (NIPL) and Lanka Pay for the acceptance of UPI applications in Sri Lanka.
The Indian government has been trying hard for a long time to establish the rupee as a major currency in international trade. After the Ukraine war, India started trading in rupees with Russia. Now in this episode, India is starting business with its important neighboring country in rupees. This country is Bangladesh. In a historic move, trade between India and Bangladesh began in rupees on Tuesday, which will reduce dependence on the US dollar and strengthen trade in the regional currency. For the first time, Bangladesh has traded with a country in its currency other than the US dollar.
Bangladesh and India conduct border trade in a semi-formal manner in certain areas known as ‘border huts’. In this, the exchange of currencies of both the countries takes place on a limited scale. Officials said as part of the formal arrangement, trade between the two countries from now on will be initially in rupees and will gradually be traded in Bangladeshi currency taka as the trade gap narrows.
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