India is among several countries exploring trading mechanisms that bypass the dollar, which has dominated international trade for decades. “If there are countries where there is any currency failure or they are having dollar shortages or international currency shortages, we are willing to trade in rupee with them, which will take not only our exports forward but also disaster-proof those countries,” Barthwal said in announcing the country’s new foreign trade policy. India’s commerce secretary, Sunil Barthwal, said at a news conference last Friday that New Delhi will support international trade using the rupee. India has not joined the U.S.-led sanctions and its imports of cheaper crude from Russia have spiraled in the past year.

Trade experts say moves to promote the Indian rupee as an alternative to the dollar and currencies like the euro gained momentum after Western sanctions on Russia following its war with Ukraine prompted New Delhi and Moscow to trade in currencies other than the dollar including the ruble and rupee. India is taking steps to promote the use of its own currency for international trade as part of a push to boost its exports in countries that are grappling with a shortage of dollars or hit with Western sanctions.

All countries currency in indian rupees