India's Rupee Goes Global: Neighbors and Gulf Nations Sign On for Trade in Local Currency, With More Countries Expected

• Several countries willing to start trading with India in rupees, including neighbors like Bangladesh and Sri Lanka as well as Gulf nations. This could be a "game-changing" development for India's trade.

• Singapore already on board to some extent; more developed countries and those in the Far East expected to join later.

• Trading in local currencies reduces transaction costs by avoiding the need to convert to a third currency. Gaining traction globally.

• India has already started rupee trade with neighbors Nepal and Bhutan. Sri Lanka added rupee to list of designated foreign currencies.

• Changes made to Foreign Trade Policy to allow trade settlement in rupees, aiming to establish INR as global currency. Banks setting up infrastructure to facilitate overseas trade in rupees.