While RBI's move to enable international trade in INR may have been dictated by India’s burgeoning trade with Russia post the Ukraine crisis, it may also be a small step in regaining the central role that the INR used to play in the Indian Ocean region prior to 1947.
Central bankers globally move in a herd led by ring master the US Fed. Whether easy or tight money. Go out of line your currency is crushed. Look at Japan, a 30 plus percent depreciation. That’s the power of the US $ the most sought after asset in the world today. How long?— Uday Kotak (@udaykotak) July 19, 2022