India has free-trade agreements with more than a dozen countries and blocs. (Photo source: NDTV Profit) Show Quick Read Summary is AI Generated. Newsroom Reviewed

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 direct rupee rates that don’t rely on a third currency, such as the US dollar, for cross-reference, said the person familiar with the central bank’s thinking, asking not to be named because the discussions are private.

Earlier this month, the Reserve Bank of India said it will establish reference rates for the UAE’s dirham and Indonesia’s rupiah, adding to existi

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