Despite RBI's efforts to boost rupee usage in international trade, including Special Rupee Vostro Accounts, its adoption for invoicing and settlement saw only modest growth over the past two fiscal years. This highlights the significant ground India must cover to internationalize its currency in a dollar-dominated global trading order.

RBI recorded its biggest forex intervention in FY26, selling a record $53 billion to support the rupee amid tariff fears and capital outflows.

Separately, the RBI said its cloud platform for financial firms went live in beta mode with nine users, making such a move amongst the first among central banks

RBI said rupee-based trade invoicing and settlements rose strongly in FY26, with import settlements jumping over 41% amid INR internationalisation efforts.

The Indian Rupee's use in trade invoicing is growing. Data shows a significant rise in Rupee-based imports and exports. This trend offers protection against exchange rate risks…