A | Sputnik spoke with Professor N.R. Bhanumurthy, a prominent economist and vice-chancellor of the Dr. B.R. Ambedkar School of Economics University, Bengaluru (BASE University), about the decision to allow trade settlements in rupees and its impact.,Sputnik: What prompted the RBI to launch trade settlements in rupees?,Prof. Bhanumurthy: It is mostly to do with managing foreign exchange issues, especially when there are some shocks from the global financial system.,India must have smooth trade settlements since it has been trading with multiple countries.,There was a proposal to raise rupee-denominated bonds outside the country, which is also part of the transition.,So, it has a long-term strategy of the rupee also becoming one of the currencies of the international basket. Right now, we have only five recognized currencies. The latest currency added to the list was China's yuan. So, this is part of India's long-term mission.,Sputnik: Will this step help India resume sanctions-proof trade with countries like Iran, Venezuela, and Russia?,Prof. Bhanumurthy: We already have rupee-denominated trade with Iran, especially oil bills being settled in rupees. The Reserve Bank of India's decision is only to showcase that India is also emerging as a big player in the foreign exchange market.,This is only the beginning of the long process where India would like to see the rupee as one of the international currencies. In the process, all these things — like countries with a problem with foreign exchange reserves, nations with trade sanctions — all these will be taken care of.,In the future, disturbance or volatility in the foreign exchange market will increase, especially what we see in Russia or what we see in China. All those things will start having their own repercussions on the forex markets. So, it's better for India floating its currency-based trade.,Sputnik: Would other countries be interested in trading in national currencies with India?,Prof. Bhanumurthy: Certainly yes, because right now India's trade links are increasing, especially in the service sector; our trading links are expanding in a big way. There will be a much greater increase in the volumes of rupee trade. So if countries start trading through the rupee, business costs will be reduced.,India has signed an agreement with the UAE for rupee-based trade. Venezuela has also expressed interest.,Sputnik: How would this impact trade in the dollar or India's foreign exchange reserves?,Prof. Bhanumurthy: Foreign exchange reserves, which are currently around $600 billion, are not entirely in US dollars. A certain proportion of this is in US dollars, while the amount is also in euros, British pounds, and gold. So, I do not think rupee trade will impact trade volumes in the dollar. Whichever countries do not have a rupee-denominated trade deal with India, they can choose to settle their transactions in dollars. So, the dollar trade is still there.,Some areas where India is a significant trader, e.g. the European Union, and other countries like the UK is one country where we also have good trade relationships, and they are not part of the euro now. So all these things will help in increasing the rupee trade.,However, it does not mean it will negatively impact US dollar trade. They will actually complement each other. 10 years back, India used to settle most of its trade in US dollars. Now it also pays in euros, British pounds, as well as in Japanese yen.,Sputnik: Will it benefit countries in South Asia or other parts of the world facing foreign exchange crises?,Prof. Bhanumurthy: It is possible. Ultimately, every country would like to trade. If the US dollar becomes too expensive, it creates trouble for countries with a forex crisis to trade. In that situation, countries with limited foreign exchange reserves can always explore rupee-denominated trade. That is undoubtedly an area where India can take advantage.,Sputnik: Could India face US anger in some sense?,Prof. Bhanumurthy: I doubt all this can happen. We are sitting with a substantial foreign exchange reserve. If that were the case, China would have faced retaliation long back.,Retaliation options are very limited in forex markets. Productivity is one thing everybody can compete for; the rest is only settlement. Countries can only compete in productivity.,Et Tu? US Steals Most of Australia's Sale to China Amid Trade Row, Finds Study30 November 2021, 08:15 GMT,Sputnik: What should India do to strengthen the chances of making the Indian rupee a global currency?,Prof. Bhanumurthy: Productivity is a significant factor that can boost India's ambition to enhance its rupee-denominated trade. So, we need to keep improving our productivity. Second, India needs to create infrastructure to start having short-term trading in the foreign exchange market. Some countries that trade with the rupee also need to have a kind of transaction in a foreign exchange market.,The exchange rate becomes an important variable for those countries trading in the Indian rupee. So there should be some foreign exchange market institutions, and the Indian Central Bank should also be in a position to address any risk associated with other countries, wherever the rupee foreign exchange reserves are.,Any global currency possesses some characteristics — character India needs to ensure so that the Indian rupee will become a global currency.。 Danielle 编译 今天（2月6日）是怀唐伊日公共假期，但新西兰的盗窃、抢劫案件仍在发生。 Advertise with us 据英文《先驱报》报道，凌晨2点50分左右，奥克兰Glen Eden的酒铺Super Liquor发生盗窃案，五人被拘留。 警方表示，他们接到报警后赶往Great North Rd，发现有六名盗窃犯闯入酒铺，偷走了商品，然后开着偷来的车离开。警察通过直升机发现，这群人驱车前往Glendene，并上了另一辆偷来的车。 有人看到其中五人进入Mt Roskill的Somerset Rd的一所房子，第六人则开车去了Richardson Rd的一个地方。 警方封锁了这两处地址，并拘留了五人。
B | 目前正在调查第六个人的下落。被盗物品已经找到。 据1 News报道，今天下午，基督城一家商店发生严重抢劫案，一名员工被持枪威胁，警方正在对此进行调查。
C | 警方称，下午4点刚过，一名男子带着枪，进入了这家位于Wycola Avenue的商店。
D | 嫌犯在警方到达现场之前就离开了。 一名发言人说：“现场警卫已经到位，正在调查并确定嫌犯的位置。” 相关阅读： 两名男子大白天持械抢劫奥克兰酒铺，抡起斧头砍店员 今天上午奥克兰发生涉枪事件，一男子被逮捕 深夜开着偷来的汽车高速逃逸，五名奥克兰青少年被拘留 奥克兰昂贵自行车被盗，提供监控照片及GPS数据后警方拒绝调查 奥克兰一购物中心内珠宝店被暴力打劫，一名20岁男子逃离现场后被逮捕 奥克兰夜间发生暴力入室抢劫案，4名持枪罪犯逃窜100公里后在北地被捕 太猖獗！四名劫匪持斧头抢劫奥克兰加油站，员工差点爆头而亡 注：本文为编译/原创，欢迎转发分享；但严禁复制等未经授权的非法使用。违反上述声明者，本网将追究其相关法律责任。
E | 使用授权请联系[email protected]。 chineseherald.co.nz All Rights Reserved 版权所有 (责编：丹妮) 来源 - 相关内容 关于新西兰怀唐伊日 你知道多少？ 奥克兰免费怀唐伊音乐会火热开启 交通严重拥堵 数千人聚集怀唐伊 在条约签署地参加黎明仪式 特斯拉车主在新西兰出事了！法院判决：特斯拉赢了…… 今天上午奥克兰发生涉枪事件，一男子被逮捕 交通机构喊话政府：资金缺口太大，原定计划很难实现 自驾出游注意！北岛几处施工路段将长时间关闭，请提前计划路线 两名男子大白天持械抢劫奥克兰酒铺，抡起斧头砍店员。
Current article:http://jmyi.linlangdouwaqiexusan.bond/93s/l4eg.html
Published on:06:09:37
