........What is fascinating is that Raghuram Rajan in his first speech as RBI Governor mentioned that the rupee needs to be internationalised. “This might be a strange time to talk about rupee internationalization, but we have to think beyond the next few months. As our trade expands, we will push for more settlement in rupees. This will also mean that we will have to open up our financial markets more for those who receive rupees to invest it back in,” he said. .........
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