In a significant decision, the central government has allowed international trade settlements in Indian rupees for export promotion schemes under the foreign trade policy.
Amendments in the foreign trade policy and handbook of procedures have been made to allow for international trade settlement in Indian rupees i.e. for invoicing, payment and settlement of exports and imports in Indian rupees.
The allowance has been made to allow grant of exports benefits and incentives and fulfilment of export obligation under the foreign trade policy. Dollar is the currency for international trade.
Meanwhile, the rupee appreciated by 45 paise to close at 81.47 against the US dollar amid fall in crude oil prices, dollar weakness and sustained foreign fund inflows.
At the interbank foreign exchange market, the local unit opened at 81.43, and witnessed an intra-day high of Rs 81.23 and low of Rs 81.62 during the session.
The local unit finally settled at 81.47 against the American currency, registering a rise of 45 paise over its previous close.
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