Central banks warming up to rupee: Deputy Governer

The RBI took the steps to support the strengthening interest of the global trading community in rupee transactions. The measures were announced at a time when the rupee was witnessing enhanced volatility due to aggressive rate hikes in the US and risk-aversion after the Ukraine war. Moreover, with US sanctions on Russia hampering trade, several countries made efforts to move away from the dominance of the dollar in global trade.