Kingdom

Reserve

United

Bank AI

Rupee

<div class="watcher-guru"> 
 <p><a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> is convincing developed Western countries to trade in the <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>n <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> and not the U.S. dollar. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> recently convinced the <a rel="noopener noreferrer nofollow" title="United Kingdom" href="https://thebittimes.com/tag/united-kingdom.html">United Kingdom</a> (UK) to settle cross-border transactions using the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a>. The Reserve Bank of <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> (RBI) facilitated special Vostro bank accounts for other countries to settle imports and exports by paying with the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a>. For the uninitiated, Vostro is a special bank account that operates domestically but clears remittances on behalf of a foreign bank that transacts in the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a>.</p> 
 <p><strong>Also Read: BRICS: Iran Could Join Alliance After August Summit</strong></p> 
 <p>The development makes it easier for Indian businesses operating in the UK to easily transfer Rupees to vendors operating from India. Both imports and exports between vendors and businesses in the UK can seamlessly send money through the Vostro bank accounts.</p> 
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 <p>Therefore, the rupee’s denomination will remain intact globally but hamper the U.S. dollar by a small margin. The facilitation of Vostro accounts went full-fledged in March this year and broadened the Rupee’s prospects overseas. The move opens up avenues to make it easier for other countries to use the Rupee for international trade.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Over 40 Countries Ready To Join the Alliance</strong></p> 
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 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members Russia, <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>, and China are advancing at a faster pace to promote the use of their native currencies. The main goal of the bloc is to challenge the U.S. dollar’s global supremacy by strengthening their respective local currencies.</p> 
 <h2 class="wp-block-heading" id="h-brics-india-convinces-the-uk-and-21-other-countries-to-trade-in-the-rupee">BRICS: India Convinces the UK and 21 Other Countries To Trade in the Rupee</h2> 
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  <img decoding="async" width="1024" height="689" src="https://cdn.thebittimes.com/images/2023/08/09/ee82da0b451869912d697d8e139886e6.webp" alt="india uk brics narendra modi rishi sunak" class="wp-image-106169" srcset="https://cdn.thebittimes.com/images/2023/08/09/ee82da0b451869912d697d8e139886e6.webp 1024w, https://cdn.thebittimes.com/images/2023/08/09/ee82da0b451869912d697d8e139886e6.webp 300w, https://cdn.thebittimes.com/images/2023/08/09/ee82da0b451869912d697d8e139886e6.webp 768w, https://cdn.thebittimes.com/images/2023/08/09/ee82da0b451869912d697d8e139886e6.webp 380w, https://cdn.thebittimes.com/images/2023/08/09/ee82da0b451869912d697d8e139886e6.webp 550w, https://cdn.thebittimes.com/images/2023/08/09/ee82da0b451869912d697d8e139886e6.webp 800w, https://cdn.thebittimes.com/images/2023/08/09/ee82da0b451869912d697d8e139886e6.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Reuters 
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 <p>Apart from the UK, India has convinced 21 other countries to settle trade in the Rupee and sideline the U.S. dollar. The other 21 countries are Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, and Uganda.</p> 
 <p><strong>Also Read: South Africa Makes Huge Announcement on <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Currency</strong></p> 
 <p>The BRICS bloc is aiming to foster the use of native currencies going forward and not the U.S. dollar. The next summit in South Africa will determine the prospects of the U.S. dollar. BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The upcoming summit will be held on August 22–24 in Johannesburg.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>India</li> 
  <li>Rupee</li> 
  <li>Uk</li> 
  <li>United Kingdom</li> 
 </ul> 
</div>

BRICS: India Convinces UK to Trade In Rupee, Opens Vostro Bank Account

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