Though New Delhi has distanced itself from global de-dollarisation drives, observer say the shift reflects a pragmatic push to insulate India from dollar volatility and future geopolitical risks.
Earlier this month, the Reserve Bank of India (RBI) said the country’s banks would no longer need prior approval from the central bank before allowing the opening of special Rupee Vostro Accounts, easing the process for cross-border payments in the local currency.
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Trump to impose 25% tariff on India from August 1, plus ‘penalty’ for Russia ties
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India has previously said it neither supports moves for a single Brics currency, nor any efforts aimed at undermining the use of the US dollar.
