India and Sri Lanka are discussing shifting away from the US dollar to settlements using the Indian rupee, as the two countries look to strengthen their partnership through trade and investments.
Rupee settlements are expected to derive benefits like shorter timelines, lower exchange costs and easier availability of trade credits for participating financial institutions. The initiative may also have a beneficial impact on the nations' respective tourism and hospitality industries.
A discussion of the issue, arranged by the High Commission of India, was held in the Sri Lankan capital Colombo last week.
https://www.rt.com/business/572517-india-sri-lanka-dollar-rupee/------------
Seen an article a couple of days ago that Iran is doing the same thing.
