The Reserve Bank of India on Wednesday announced various steps to promote internationalisation of the rupee . The central bank plans to introduce reference rates for currencies of India’s major trading partners to facilitate rupee-based transactions.

“This is expected to further deepen the onshore forex market and encourage banks to quote directly in a larger set of currency pairs, thus eliminating the need for multiple currency conversions and making trade more efficient,” the RBI said.

Deepening the forex market with new reference rates

The rupee rose 10 paise to 88.69 on Wednesday. “The rupee has witnessed some depreciation, accompanied by phases of volatility. The RBI is keeping a close watch on movements of the rupee and will take appropriate steps, as warranted,” said RBI gove

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