Dr. Doom being optimist about Indian Rupee

Wall Street figurehead Nouriel Roubini, dubbed "Dr Doom," stated in an interview with the ET Now, that the Indian Rupee has the potential to function as a unit of account, a method of exchange, and a store of wealth. It’s possible that the rupee may eventually feature among the world's reserve currencies. Two-thirds of global financial and commerce transactions are conducted using the US dollar, which defies logic. Geopolitics plays a part. Even while there isn't yet a currency that can topple the US dollar, according to Roubini, who has been known for his tendency for pessimistic forecasts, the dollar is beginning to lose its ground to the Chinese yuan in terms of global competitiveness. India's per capita income is so low that, with reform, not only 7%, but even greater than 8%, is feasible. To attain that growth rate, however, you must implement many more structural economic reforms. And if you do, you could keep it up for a few decades at the very least. Yet, a lot relies on policy, the economist noted.

India and Bangladesh introducing Rupee-Taka

Soon, it's anticipated that India and Bangladesh will stop using the dollar as their official currency and instead do business in rupees and taka. RBI Governor is reportedly in favour of a dual currency, and the central banks of both nations are working on the details. According to reports, a test version will be released soon. What are the benefits of trading in Rupee-Taka for Bangladesh and India? Trading via these monetary units will lower the settlement cost and the conversion rate, which is advantageous for dealers on both sides. Currently, USD exchange rate is used for all the financial transactions between these two nations before being translated to rupees or taka. Conversion losses persist for both parties as a result. The Bangladeshi government also released a report in which it revealed that, in accordance with their estimates, almost $2 billion is spent annually by their citizens on the educational expenses, healthcare, and travel. India is also one of Bangladesh's top 3 import markets. Bangladeshis travelling to India, will also have an option to carry a dual currency card. Before travelling, residents can fill the card with INR, and vice-versa, and the exchange rate would be obtained directly from the two currencies.