RBI established a mechanism for rupee trade settlement with eighteen countries by permitting banks from these countries to open Special Vostro Rupee Accounts (SVRAs) for payment settlements.

RBI takings measures to make INR acceptable in Thailand, an increased overseas holiday destination for Indians

India is the fastest growing major developing economy and is expected to become the third largest economy soon. Global sentiments are positive about the Indian economy.

JP Morgan and Bloomberg added India to their Global Emerging Market Bond Index. This makes it a promising case to aim for making INR an alternative reserve currency.

The internationalization of the INR will reduce transaction costs for foreign trades and boost capital flows in the Indian financial market by strengthening the currency.

Last week, the Indian market experienced increased volatility due to rising geopolitical tensions in the Middle East. The Nifty fell by 1.65% to 22,147. Companies are announcing their Q4 results, which is expected to cause significant market fluctuations.

INR internationalization will cut transaction costs and boost dividends for the Indian financial market, attracting more capital flows and improving market liquidity and investor confidence.

The stable and solid INR will boost purchasing power for Indians and benefit the global economy. Internationalization of INR is a win-win situation for India and the global economy.