India, Seeks rupee Trade Payments (Sylodium, Free international trade directory)

India is preparing to lobby major trading partners including Japan, Iraq and Venezuela to accept rupee payments for some of their exports, one of a series of moves to stabilise the volatile currency and make it more globally acceptable.

A panel set up in August to study currency swaps has now won support from the finance ministry, the commerce ministry and the central bank to target about 10 countries for such deals, focusing on oil exporting nations and others that run large trade surpluses with India.

India's imports from Venezuela were $14 billion in 2012/13, mostly oil, while exports were a meagre $235 million. India's exporters believe a rupee payment deal could drive exports of medicine, engineering goods and IT services to Venezuela, mirroring trade with other Latin American countries.


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