India's Prime Minister Narendra Modi has asked the country's Reserve Bank to ensure the rupee's global growth. Currently, there are very few global currencies, with the US dollar being the most dominant among them. Countries in the Global South, and those hit by Western sanctions often look for alternatives while conducting trade. New Delhi has trading ties with sanction-hit countries like Russia and Iran, which cannot trade using the US dollar. Moreover, de-dollarisation could also help countries dealing with a crunch for foreign exchange reserves. Amid this, India's bid to globalise the rupee comes with several challenges. As the world's 5th largest economy, how hard will it be for India's rupee to emerge as a global currency? Palki Sharma tells you on Vantage.
