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February 2024

Miscellanea

By Jhankhana Thakkar and Chirag Chauhan, Chartered Accountants
Reading Time 7 mins

1. BUSINESS

RBI not thinking of moving towards de-dollarisation: Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said that it is incorrect to say that there was a move towards de-dollarisation as the efforts of the central bank towards internationalisation of the rupee are not aimed at replacing the dollar.

“There is no such thinking to move towards de-dollarisation. The dollar will continue to be the dominant currency and whatever we are doing for the internationalization of the rupee, it is not to replace the dollar,” Das said at the World Economic Forum (WEF) Annual Meeting 2024 in Davos late on Tuesday.

India’s economy is expanding, with an increasing role in international trade. Gradually and steadily, India has entered new markets, countries, and products, particularly in services.

The objective is to offer the rupee as an alternative currency for settling transactions in international trade. It is incorrect to describe the internationalisation of the rupee as an effort towards de-dollarisation.

“Dependence on one currency can be risky as the entire global trade will be subject to the volatility of that particular currency,” he added.

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