22 countries seek bilateral rupee trade with India: Nirmala Sitharaman

Approximately 22 countries have expressed interest in exploring the possibility of conducting bilateral trade with India in the Indian rupee, Finance Minister Nirmala Sitharaman revealed in a recent interview with NDTV

This development comes as many of these nations find themselves grappling with dwindling dollar reserves, but remain determined to sustain their essential trade activities.

Minister Sitharaman emphasized the appeal of the Indian rupee, describing it as a stable and reliable currency. She attributed this growing interest in rupee-based trade to India's proactive approach to understanding the development needs of these countries.

The pursuit of alternative currency options for international trade has surged in prominence, especially in light of the sanctions imposed by the United States and European allies on Russia following its invasion of Ukraine. India has notably been settling its oil trade with Russia through a dedicated rupee-rouble channel, reinforcing the rupee's viability as a global trade currency.