India pushes to expand rupee settlement with key trade partners

Synopsis India’s central bank is actively working to facilitate rupee settlements with free-trade partners, aiming to boost the local currency. This involves establishing direct rupee rates independent of the US dollar and developing reference rates with several countries. These efforts align with Prime Minister Modi’s goal of increasing the rupee’s international use for trade and capital transactions. India's central bank is taking active steps to allow free-trade partners to settle transactions with it more easily in the rupee, a person familiar with the matter said, a move that could help boost the local currency over time. Initial steps include establishing…