Forex
AUD/INR Edges Higher as India Eases Rupee Settlement Rules for Exports
Australia's dollar (AUD) has strengthened against India's rupee (INR), reaching a high of ₹68.5692 due to recent regulatory changes in India that encourage exporters to settle transactions in rupees.
The Reserve Bank of India has aligned its foreign trade policy with RBI rules for 2023, allowing eligible rupee export earnings to qualify for policy benefits usually reserved for foreign-currency receipts.
This shift in settlement policy aims to enhance the use of rupees in global trade, but its success depends on international counterparties' ability to access rupees and local banking arrangements.