India has reached out to Sudan towards settlement of international trade in rupees. This move is part of its push towards internationalization of the domestic currency. If implemented, India will be able to import crude oil from the African country, and make the payment in local currencies. This can boost exports and save the country’s forex reserves that are currently under pressure.
Separately, Ambassador of India to Sudan, B.S. Mubarak, and key member banks of both the countries last month discussed the opportunities for bilateral trade and investment. Bankers from India and Sudan discussed the modalities and decided to explore the correspondent banking relationship as well as special rupee vostro accounts option between both the countries.
Sudan is India’s 75th largest trading partner. The total trade between the two stood at $1.21 billion as compared to India’s total trade of over $1 trillion during 2021-22. India exported goods worth $1.07 billion during the last fiscal year, while imports were to the tune of $129 million only.
Source: business-standard.com