India’s trading partners have remained reluctant to receive rupee payments, in a setback to the Asian nation’s efforts to widen international acceptance for its currency.
India’s campaign to achieve wider international acceptance for its currency isn’t going so well.
The country’s push to pay for crude-oil imports with rupees have hit a wall, with its trade partners remaining reluctant toward the arrangement, the Press Trust of India, a local newswire, reported, citing the Asian nation’s oil ministry.
Global oil suppliers have remained resistant toward receiving rupee payments, citing higher transaction costs and foreign-exchange risks related the Asian currency’s limited global acceptance, according to the report.
