India Working Towards Internationalisation Of Rupee, But No Plan To Replace US Dollar: EAM Jaishankar

Last Updated:March 06, 2025, 09:16 IST

Jaishankar reaffirmed India's commitment to expanding the global use of the rupee.

External Affairs Minister S Jaishankar (Reuters Image)

External Affairs Minister S Jaishankar, currently on a visit to the United Kingdom, talked about the internationalisation of Indian Rupee and addressed key global economic issues, including the role of the US dollar.

Speaking at Chatham House in London, Jaishankar rejected the speculation that India is working to replace the US dollar as the world’s primary reserve currency.

“I don’t think there’s any policy on our part to replace the dollar. As I said, at the end of the day, the dollar as the reserve currency is the source of international economic stability, and right now, what we want in the world is more economic stability, not less," he said.

Jaishankar reaffirmed India’s commitment to expanding the global use of the rupee. “We are clearly promoting the internationalisation of the rupee because we are actively globalising India."

“More Indians are travelling and living abroad, and India’s trade and investment sectors have expanded. As a result, the use of the rupee will also grow," he explained.

Jaishankar on Mechanisms For Cashless Payments

Jaishankar further noted that India has already set up mechanisms for rupee-based transactions with several countries, particularly those facing a shortage of hard currency.

“In many cases, we have established mechanisms for cashless payments between India and other countries and have supported trade settlements, particularly in nations facing a shortage of hard currency, especially dollars," he added.

London, United Kingdom (UK)

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