Brazil, South Africa may be next for India’s bilateral currency settlement plan: Report
Indian rupee
India is likely to look at key partners in Latin America and Africa to establish bilateral agreements to carry out trade deals using local currencies, after the United Arab Emirates (UAE) and Indonesia. This comes in the backdrop of India’s plan to internationalise the rupee, Moneycontrol quoted a government official as saying.
According to the official, nations such as Brazil, Argentina, South Africa, Senegal, and Tanzania are likely to be the next set of nations for India’s bilateral local currency settlement push, as the country plans to convince smaller countries first to accept payment in rupees for transactions.
“If we have to push rupee trade, we have to start with smaller nations where it would be easier to give a push rupee internationalisation,” the official said on condition of anonymity, adding that the proposals are preliminary and would require further discussions.
As of 2022–2023, New Delhi has a trade surplus with Tanzania and Brazil of $1.39 billion and $3.25 billion, respectively. According to data from the commerce ministry during the time period, the trade deficit with South Africa, Senegal, and Argentina is minimal.
According to previous reports by Moneycontrol, the Indian government’s choice of partners for its bilateral currency settlement plan will be based on the possibility to increase trade as well as balance the trade difference between the two nations. India either has a small trade deficit or a trade surplus with African and Latin American nations.
The main items that India exports to these countries are grains, engineering goods, pharmaceuticals, and petroleum products. While Brazil and Argentina are the primary import sources for India’s needs for edible oil, India also imports fertilisers, cotton, and toys from South Africa. Senegal and Tanzania are crucial in meeting New Delhi’s demands for diamonds and jewellery.
)
No Pandya as Auqib Nabi earns maiden ODI call-up; Mayank returns for WI T20Is| check full squads
)
Trump praises India’s Opium crackdown, hails anti-drug efforts
Mandakini breaks silence on Dawood Ibrahim photo: 'I was not invited by him'
)
Former India player Diana Edulji wants Smriti Mandhana to replace Harman as skipper at the earliest
)
Trump calls Canada-EU associate membership plan ‘laughable’ and threatens 'very serious tariffs'
)
Protests erupt over migrant housing plan in Piddington
)
India can scale up Finland’s circular solutions, minister Multala says
)
Shahzad Bhatti Network declared terrorist organisation under UAPA: Govt order
)
240-million-year-old bizarre 'pig with a tusk' creature creates new dilemma over origin of dinosaurs
)
Europe wants a common playbook for security threats, seeks security beyond NATO
)
Formula One reveals the 2027 race calendar; Monaco to host sprint race for the first time
)
All Indian goods to get duty-free access to New Zealand
)
Bigg Boss 20: Mahhi Vij reveals she lost Yuva role to Kareena Kapoor; 'didn’t work out in my favour'
)
Lionel Messi for 2026 Ballon d’Or over Mbappe and Yamal, says Diego Simeone
)
US House votes 417-3 to pass Ratepayer Protection Act targeting AI data center electricity costs
)
Hong Kong unveils 11 new measures to boost birth rates, offers higher cash bonuses and housing perks
)
Former OpenAI researcher warns of growing risks from Artificial Intelligence
)
Veteran actor Anant Nag honoured with Indian cinema’s highest award
)
Wildfire tears through forests in Spain's Valencia
)
AUS vs SA: Steve Smith still gets 'little flashbacks' from sandpaper gate
)
PM Modi’s 76th birthday: From Akshay Kumar to Shilpa Shetty, Bollywood celebs extend warm wishes
)
Pakistan naval vessel returns to harbour with 'severe damage' after collision with Indian warship in Arabian Sea
)
Fed raises rates for first time in 3 years, Kevin Warsh defies Trump as inflation mounts
)
Katrina Kaif’s postpartum weight is not the problem; your gaze is
)
Daayra movie review: Kareena Kapoor, Prithviraj Sukumaran shine in Meghna Gulzar’s cop-versus-cop crime thriller
)
Saudi Vs Houthis: Yemeni military rebels clash with Houthis
)
Pak batter Rizwan's petition against being questioned by cyber crime agency rejected by court
)
US trade tariff: 100% tariff targets Russian buyers amid trade tensions
)
Pakistan: Imran Khan's sons Kasim & Sulaiman claim their father is 'tortured' in jail
&im=FitAndFill=(700,400))
New OTT releases this week (September 14-20, 2026): Lust Stories 3, Waiting Hai, Irumudi- 5 new titles coming on Netflix, Prime Video and more
)
Ebola outbreak: WHO sees encouraging signs in fight against Ebola outbreak
)
Trump gets new power to hit India, China with up to 100% tariffs as US Senate clears Russia sanctions bill
)
‘Imagine 50 AI fighters cornering one manned jet’: India’s mobbing doctrine eyes a new era of air warm
)
Saudi vs Houthis: Riyadh claims to have shot Houthi drone targeting Mecca
)
US Treasury rallies global financial institutions for Op Economic Outcast to isolate Iran
)
Want to get married within a year? Why 18 lakh people rush to Jaipur for ‘sacred henna’
)
Pakistan boycotts chess match against Israel at Olympiad
)
UN General Assembly 2026: What is veto power. Which countries have it and how does it work?
&im=FitAndFill=(700,400))
Suriya and Jyothika say ‘I do’ again after 20 years! See their dreamy wedding pics
)
Abhishek Sharma rises to No. 2 in T20Is; ENG’s Robinson 3rd after record Pakistan Tests
)
Laura Wolvaardt sets new world record for most WT20I runs in a year
)
The Early Spring season 2 is happening, but fans have one request - 'don't change the actors'
)
New Delhi signed a memorandum of understanding (MoU) with the UAE last month In order to use the rupee and the dirham to settle bilateral transactions. A local currency settlement plan was also discussed with Indonesia during talks between the two countries on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Gandhinagar in the mid-July.
According to reports, India is also considering Bangladesh and Sri Lanka for its local currency settlement plan as the two neighbours are experiencing a currency shortage.
WATCH WION LIVE HERE