India, Saudi Arabia discuss starting rupee-riyal trade

India, Saudi Arabia discuss starting rupee-riyal trade

India has put in place a mechanism to settle international trade transactions in Indian rupees with the emphasis on exports to boost global trade and respond to growing interest in the use of the rupee for trading purposes

India’s trade balance with Saudi Arabia is tilted in favour of the Kingdom, a key oil supplier to the world’s third-biggest crude importer and consumer. — File photo

By Reuters Published: Mon 19 Sep 2022, 7:10 PM

India and Saudi Arabia have discussed the possibility of starting a rupee-riyal trade as part of efforts to boost economic ties between the nations, the Indian government said in a statement on Monday.

India, Asia’s third-largest economy, has put in place a mechanism to settle international trade transactions in Indian rupees (INR) with the emphasis on exports to boost global trade and respond to growing interest in the use of the rupee for trading purposes.

“Discussed ways to attract greater investment and further diversify bilateral trade to boost economic ties between India & Saudi Arabia,” Indian trade minister Piyush Goyal wrote on Twitter after a meeting with his Saudi counterpart Majid bin Abdullah Al Kassabi.

During his two-day visit to Saudi Arabia to participate in a meeting of the India-Saudi Arabia