India, Saudi Arabia discuss starting rupee-riyal trade
NEW DELHI: 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 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 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,” trade minister Piyush Goyal wrote on Twitter after a meeting with his Saudi counterpart Majid bin Abdullah Al-Kassabi.
