MUMBAI, MAR 19: The Reserve Bank of India is actively exploring fresh ways for Russian trade partners to tap into their rupee balances piled up from bilateral deals, a top RBI official shared Thursday at a Mumbai business forum. N Senthil Kumar, chief general manager of the Foreign Exchange Department, said options like using INR for imports or direct investments in India are on the table to unlock this cash.
India and Russia have leaned hard into rupee-rouble settlements over recent years, dodging US dollar swings—last year even letting surplus rupees flow into Indian government bonds. Still, Kumar flagged lingering “inertia” among businesses, urging more trust and volume to make local currency trades the norm and evolve the market for smoother INR-Rouble flows.
