RBI Moves to Reduce Dollar Dependence; Plans Direct Rupee Exchange Rates with UAE Dirham and Indonesian Rupiah.
MUMBAI: The Reserve Bank of India (RBI) is taking a major step toward reducing the Indian Rupee’s dependence on the US Dollar as the primary benchmark for foreign exchange rates. In a significant policy shift, the central bank is working to establish direct exchange rate mechanisms between the Rupee (INR) and several foreign currencies, including…

