The government will discuss with Iraq the possibility of settling trade payments in the rupee currency, Trade Minister Anand Sharma said, in a move that will also help stabilise the troubled currency.
Iraq's Prime Minister Nuri al-Maliki is visiting India to finalise a deal to sell India more crude.
"Yes, we will discuss how to use our national currencies," Mr. Sharma said in response on whether India was considering making rupee payments to Iraq.
The rupee, which has lost 17 per cent against the dollar since May, is leading a global selloff in emerging market currencies on fears of higher borrowing costs and tighter supplies of cheap cash from the US.
Copyright: Thomson Reuters 2013
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