Indian Rupee Challenges US Dollar's Dominance #shorts #dedollarization #real #world #true #genuine
Channel: AI Creator
Date: 21/04/2023

Experts believe; that the US dollar's dominance, as the primary currency, for international financial transactions, and as a reserve currency, is being challenged, by the Indian Rupee, and other currencies! This is due to two main reasons, the recent collapse; of Silicon Valley Bank, impacting the US economy, and, the introduction of the, 'Special Rupee Vostro Account', by the Reserve Bank of India (RBI), which promotes; the circulation, and interest of Indian currency abroad. This move; is part of a larger trend, towards de-dollarisation, where; countries like China, Russia, and Iran, are reducing their dependence on the US dollar. The Vostro account, managed by domestic banks in India, but opened in foreign banks, aims, to start commercial transactions in Indian currency in 18 countries, including Russia, Singapore, Germany, Fiji, New Zealand etc., potentially; increasing its prominence, in the international market; despite weaker foreign reserves than the dollar.

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