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When Malaysian Prime Minister Anwar Ibrahim stood beside Narendra Modi in Kuala Lumpur and pledged to promote bilateral trade in local currencies, it was more than diplomatic courtesy. It was a reaffirmation of India&rsquo;s quiet but persistent ambition: to see the Indian Rupee (INR) travel beyond its borders as a settlement currency, not merely as a domestic unit of account.
During &nbsp;Modi&rsquo;s two-day visit to Malaysia on 7&ndash;8 February 2026, both sides agreed to deepen cooperation in trade, digital economy, semiconductors, energy and defence. Yet the most strategically significant line in the joint understanding was the encouragement to industry and banks to invoice and settle trade in Indian Rupees and Malaysian Ringgit, supported by ongoing coordination between the Reserve Bank of India (RBI) and Bank Negara Malaysia.
<h3 data-start="1014" data-end="1061">From Policy Framework to Modest Reality</h3>
India&rsquo;s rupee internationalisation drive formally gathered pace on 11 July 2022, when the RBI permitted invoicing and settlement of international trade in INR. Since then, banks from 22 countries have opened 106 Special Rupee Vostro Accounts (SRVAs) in Indian banks. These accounts allow foreign banks to hold rupee balances and settle bilateral trade without routing payments through the US dollar.
Parliament was informed earlier that countries ranging from Russia and Malaysia to the UK, Germany, Israel, Singapore and Sri Lanka have operationalised such arrangements. On paper, the architecture exists.
In practice, however, the scale remains modest. By late 2025, India had reportedly settled just over $2.5 billion worth of trade in rupees a fraction of its annual trade volume exceeding&nbsp;$1.3 trillion. Estimates suggest that less than 1 per cent closer to 0.2&ndash;0.5 per cent of India&rsquo;s global trade is currently rupee-denominated.
The growth rate is improving from a low base, particularly in corridors involving Russia, the UAE and neighbouring South Asian economies. Yet the gap between ambition and outcome is stark.
<h3 data-start="2230" data-end="2266">The Trade Deficit Constraint</h3>
The principal structural obstacle is not political hesitation but arithmetic.
India runs a persistent trade deficit, importing significantly more than it exports. When a country sells oil, machinery or electronic components to India and accepts rupees, it accumulates INR balances. The question then becomes unavoidable: what can it do with them?
Unless the exporting country buys an equivalent volume of Indian goods or invests in Indian assets, it risks holding a currency that is not fully convertible on the capital account. Few exporting nations are willing to accumulate large stocks of rupees without clear reinvestment avenues.
This imbalance is particularly visible in energy trade. When India pays for crude in rupees, the surplus rupees must either be recycled into Indian exports, invested in Indian government securities, or remain parked in vostro accounts an unattractive proposition if liquidity and exit options are limited.
<h3 data-start="3222" data-end="3259">Dollar Dominance Still Intact</h3>
The second constraint is structural global inertia.
The US dollar continues to account for roughly 47&ndash;58 per cent of global trade settlements, depending on the metric used. Commodities such as oil, gold and most industrial inputs are dollar-priced by default. Financial markets, derivatives, insurance contracts and shipping documentation are built around the dollar ecosystem.
Even China&rsquo;s much more aggressive strategy has yielded gradual results. The Chinese Yuan now accounts for around 4.5&ndash;7 per cent of global payments, supported by the Cross-Border Interbank Payment System (CIPS) and deep trade surpluses. Beijing&rsquo;s success rests on scale, surplus liquidity and a tightly coordinated state-backed push.
By comparison, the Rupee&rsquo;s share in global payment systems remains below 0.3 per cent. India&rsquo;s approach has been incremental and trust-based, but without a structural surplus, currency internationalisation faces a ceiling.
<h3 data-start="4211" data-end="4250">A Strategic Hedge, Not a Revolt</h3>
That said, rupee settlement is not an attempt to dethrone the dollar overnight. It is, more realistically, a strategic hedge.
When Western sanctions disrupted payment channels in 2022, the rupee mechanism ensured continuity in certain trade flows. It provided resilience without overt confrontation. In an increasingly fragmented global order, such optionality carries value.
However, to move from symbolic agreements to meaningful scale, policy recalibration is essential.
<h2 data-start="4738" data-end="4776">What RBI and Government Must Do</h2>
If India wishes to see the rupee approach even a fraction of the Yuan&rsquo;s global footprint, several steps are unavoidable:
<ol data-start="4900" data-end="6021">
<li data-start="4900" data-end="5114">
Reduce the Trade Deficit Structurally Currency internationalisation follows export strength. India must aggressively boost high-value manufacturing and services exports to create natural demand for INR.
</li>
<li data-start="5116" data-end="5338">
Deepen Rupee Asset Markets Foreign partners must have attractive avenues to deploy surplus rupees including easier access to&nbsp;Indian government bonds, corporate debt and infrastructure investment vehicles.
</li>
<li data-start="5340" data-end="5507">
Gradual Capital Account Liberalisation While prudence is essential, calibrated easing of capital controls would enhance confidence in holding INR balances.
</li>
<li data-start="5509" data-end="5697">
Commodity Pricing in INR India could begin invoicing select energy imports or long-term commodity contracts in rupees, especially with strategic partners willing to experiment.
</li>
<li data-start="5699" data-end="5849">
Digital Rupee for Cross-Border Use A robust CBDC framework for trade settlement could bypass legacy correspondent banking constraints.
</li>
<li data-start="5851" data-end="6021">
Export Credit Support in INR Encourage Indian exporters particularly MSMEs &nbsp;to invoice in rupees by offering hedging support and preferential credit terms.
</li>
</ol>
Currency internationalisation is not decreed; it is earned through scale, stability and surplus credibility. Malaysia&rsquo;s endorsement is diplomatically significant, but the real test lies in whether the rupee can evolve from a bilateral convenience into a credible regional settlement currency.
Until then, the dollar will continue to run the show and the rupee will remain a promising but cautious contender.

Malaysia backs INR trade, but deficit drags global ambition

Rupee Trade Push Faces Dollar Reality

The Indian rupee touched a fresh record low of 92.00 against the US dollar in early trade on Thursday, marking the third record breach in less than a week. On Wednesday, the rupee had depreciated by 31 paise to close at 91.99, continuing its volatile trend in the foreign exchange market.
Earlier on Tuesday, the rupee had briefly recovered from its all-time low, gaining 22 paise to settle at 91.68 against the US dollar, supported by softer global cues.
Meanwhile, precious metals surged sharply, with gold and silver futures jumping six per cent to fresh record highs. Domestic gold futures climbed to ₹1,75,869 per 10 grams, while silver futures soared to an all-time high of ₹4,07,456 per kilogram in early trade.
Market analysts attributed the initial support to the rupee to a weaker US dollar index and improved investor sentiment following a major trade development between India and the European Union. India and the EU announced the signing of a long-awaited free trade agreement, which is expected to provide duty-free access to European markets for several Indian sectors, including apparel, chemicals and footwear.
Under the agreement, the EU will receive concessional-duty access to the Indian market for products such as cars and wines. The deal has been described as a landmark pact that could create one of the world&rsquo;s largest trading markets, covering nearly two billion people.

Weak rupee and soaring bullion prices mark volatile early trade amid global cues

Rupee Hits 92,Recording An All Time Low

Indian equity markets showed a mixed performance today as investors continued to weigh recent gains, broader economic cues and looming macro risks.
Benchmark indices have been holding around the 26,000 mark on the Nifty 50 and elevated levels on the BSE Sensex, with Dalal Street still digesting global cues and domestic signals. Despite recent rebounds, the broader market has experienced a mild weekly correction, with Nifty ending slightly lower over the last five sessions as traders adopted a cautious stance.
Market valuation pressure was evident this week, with eight of the top ten most valued firms shedding significant market capitalisation. Financial heavyweights like Bajaj Finance and ICICI Bank contributed materially to the decline, while companies such as **Reliance Industries and TCS bucked the trend with modest gains.
The broader technical picture suggests that the market may continue to consolidate in the near term, with analysts pointing to range-bound trade in the absence of fresh triggers. Key investors are focused on upcoming economic data, including key inflation indicators and external factors such as progress on international trade talks affecting the rupee and capital flows.
Looking ahead, Indian stock exchanges are also poised for new listings, with companies like Corona Remedies and Wakefit Innovations expected to debut soon. Grey-market pricing suggests strong interest in the pharma sector, which could lend fresh momentum to market activity.
Investor attention is also turning to next week&rsquo;s macro triggers, including wholesale inflation data, foreign institutional investor activity, the rupee outlook and geopolitical developments. These could provide renewed direction after recent sideways movements.
Sentiment remains tentative but not weak, with traders balancing bullish breakout hopes above key technical levels against underlying caution.

Indian Markets See Mixed Trend, Key Signals Ahead

Stocks steady near 26,000; valuation losses, new IPOs and volatility shape market mood

The Reserve Bank of India has lowered the repo rate by 25 basis points to 5.25%, as policymakers try to navigate record-low inflation alongside a sharp decline in the rupee and strong GDP growth above 8%.
The latest policy move follows two consecutive meetings where the central bank kept the rate unchanged. RBI Governor Sanjay Malhotra had recently indicated that there was room for easing, reflecting confidence in the inflation outlook. However, the situation has become more complex in recent weeks, with India&rsquo;s economy showing resilience even under steep US tariffs while the rupee has fallen to historic lows below 90 per dollar.
Economists note that the combination of rapid economic expansion and currency weakness made the policy decision especially challenging. Some analysts believe the central bank may now move toward a longer pause, as the sharp slide in the rupee has increased uncertainty, particularly with India still awaiting clarity on a potential trade agreement with the US.
The rupee&rsquo;s decline since the previous MPC meeting added pressure on the RBI, which has shifted from actively defending the currency to allowing it to breach the 90-per-dollar mark. The rate cut signals an attempt to support growth while managing volatility in the foreign exchange market.

Repo rate reduced amid weak rupee, low inflation and strong GDP momentum

RBI Cuts Repo Rate to 5.25% as Rupee Slides

Indian equity markets ended virtually unchanged on Friday as investors remained cautious ahead of India&rsquo;s second-quarter GDP data and mixed signals from global markets. Both benchmark indices traded within a narrow range throughout the day.
The Sensex slipped marginally to close at 85,706.67, down 13.71 points or 0.02%. The Nifty also eased slightly, settling at 26,202.95, lower by 12.6 points or 0.05%.
Nifty remained restricted between 26,190 and 26,281, facing strong resistance near the 26,280 zone. Market analysts noted that the broader trend remains steady as long as the key support region of 26,150&ndash;26,000 holds. A clear breakout above 26,310 or below 26,150 will determine the next directional move.
Among major Sensex gainers were Hindustan Unilever, Sun Pharma, Mahindra &amp; Mahindra and Kotak Mahindra Bank, which helped cushion the downside. Conversely, Power Grid, Bharti Airtel, Eternal and Infosys dragged the indices lower.
Sector performance was mixed. Nifty IT, Realty and Oil &amp; Gas slipped by 0.11%, 0.19% and 0.69% respectively. Buying interest lifted Nifty Auto by 0.62% and Nifty Pharma by 0.59%.
Broader markets showed mild weakness with Nifty Midcap 100 down 0.11% and Nifty Smallcap 100 lower by 0.27%.
Market sentiment remained supported by easing US bond yields and continued domestic institutional buying. However, fluctuations in the rupee and intermittent profit-booking in select private and PSU banks kept traders cautious.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]

Benchmark indices trade range-bound as investors await India’s Q2 GDP numbers and global

Sensex, Nifty End Flat Ahead of GDP Data

Indian equity markets ended in the green on Thursday after both benchmark indices surged to fresh all-time highs during the session.
The Sensex closed at 85,720.38, rising 110.87 points (0.13%), while the Nifty settled at 26,215.55, up 10.25 points (0.04%). Earlier in the day, the Sensex touched 86,055.86, and the Nifty climbed to a new peak of 26,310.45.
Analysts noted that 26,300 remains a key resistance for Nifty, and a firm close above this level could open the path toward 26,350&ndash;26,450. On the downside, the 26,150&ndash;26,000 zone is expected to act as a strong support.
The Sensex continues to form a higher-high, higher-low pattern, with resistance seen at 86,000&ndash;86,500 and support at 85,500&ndash;85,200.
In the broader market, the Nifty Midcap 100 gained 0.08%, while the Nifty Smallcap 100 slipped 0.53%.
Top gainers among Sensex constituents included Bajaj Finance, ICICI Bank, Hindustan Unilever, Bajaj Finserv, and HCL Tech. Stocks such as Eternal, Maruti Suzuki, Ultratech Cement, SBI, and Tata Steel also posted notable gains.
Sector-wise, Banking, Financial Services, Media, IT, FMCG, and Chemicals indices closed higher. Selling pressure dragged down Auto, Energy, Metal, Oil &amp; Gas, Realty, and Consumer Durables.
Investors are now awaiting critical triggers, including India&rsquo;s GDP data, the US-India deal, and the upcoming RBI policy meeting, which analysts believe will guide near-term market direction.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]

Markets end positive as benchmarks hit fresh record highs; key resistances in focus

Sensex, Nifty Close Higher After New Peaks

Gold and silver prices declined on the MCX in early Thursday trade as investors booked profits after the recent surge. The movement in precious metals comes ahead of next month&rsquo;s crucial US Federal Reserve monetary policy meeting, which continues to shape market sentiment.
During the morning session, MCX Gold December futures slipped 0.36% to ₹1,25,480 per 10 grams, while MCX Silver December futures fell 0.20% to ₹1,60,950 per kg.
Analysts note that international gold prices currently hold support at $4130&ndash;4095 and face resistance at $4195&ndash;4225. Silver shows support at $52.65&ndash;52.35, with resistance levels at $53.65&ndash;53.90.
In the Indian market, gold has support at ₹1,25,350&ndash;1,24,780 and resistance at ₹1,26,650&ndash;1,27,100. Silver support levels are at ₹1,60,350&ndash;1,59,600, with resistance at ₹1,62,110&ndash;1,63,000.
The Federal Open Market Committee will meet on December 9&ndash;10 at a time when the US job market appears to be softening, and inflation remains persistent. Recent data has increased speculation about a potential December rate cut. US retail sales grew only 0.2% in September, down from 0.6% in August, while consumer confidence slid to its lowest level since April. The Producer Price Index rose 0.3%, aligning with forecasts.
A slight drop in the US dollar index, down 0.10%, cushioned the fall in gold prices by making the metal cheaper for overseas buyers.
Experts believe gold and silver may remain volatile due to currency movements and upcoming economic data from Europe. Market expectations of a possible Fed rate cut, along with mixed US indicators and softer comments from Fed officials, continue to influence sentiment.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]

Precious metal prices dip as traders book profits and await key US Federal Reserve signals

Gold, Silver Slip on MCX Ahead of Fed Meeting

Indian stock markets ended the day near historic highs as strong buying across sectors pushed key indices sharply upward. The Sensex climbed 1,022.5 points, closing at 85,609.51, while the Nifty gained 320.5 points to finish at 26,205.3, marking its first close above the 26,200 mark.
Market analysts noted that the Nifty formed a bullish Marubozu candlestick, reflecting sustained strength from opening to close without significant selling pressure. This pattern, combined with a higher-high structure throughout the session, signals the continuation of a strong uptrend. Experts believe that if the Nifty continues to hold above 26,000 as support, it could soon test its lifetime high range between 26,277 and 26,350.
Among major contributors to the Sensex gains were Bajaj Finance, Bajaj Finserv, Sun Pharma and Tata Motors PV. Bharti Airtel and Asian Paints were the only laggards on the index.
All sectoral indices ended in positive territory, demonstrating broad market optimism. Nifty Metal led with a 2.06% jump, followed by Nifty Consumer Durables at 1.75% and Nifty Energy at 1.74%. Broader indices also performed well, with Nifty Midcap 100 rising 1.27% and Nifty Smallcap 100 gaining 1.36%.
Analysts attributed the surge to strong domestic institutional and retail investor participation, supported by a global &ldquo;Santa Claus rally.&rdquo; Although foreign investor flows remained moderate, improving global sentiment and rising expectations of a possible Russia&ndash;Ukraine truce boosted risk appetite and market momentum heading into the next year.
&nbsp;

Broad market rally lifts indices as Sensex jumps 1,022 points and Nifty crosses 26,200

Sensex, Nifty Surge Near All-Time Highs

Indian equity markets ended lower on Monday following a volatile session, even as global indices showed pockets of buying interest.
The Sensex declined 331.21 points (0.39%) to close at 84,900.71, while the Nifty fell 108.65 points (0.42%) to finish at 25,959.5.
Analysts noted that &ldquo;domestic institutions continued to absorb dips, but the structure weakened as the index closed below 26,000, opening room for a slide toward 25,800&ndash;25,750.&rdquo; 
They added that &ldquo;a move back above 26,150 is essential to revive momentum and retest the all-time high of 26,277.&rdquo;
Among the Sensex constituents, Infosys, Tech Mahindra, Asian Paints, Adani Ports and Sun Pharma were the notable gainers. 
Losses in BEL, Tata Steel, M&amp;M and Tata Motors&rsquo; passenger vehicle arm weighed on the index.
Sectorally, real estate stocks saw the sharpest decline, with the Nifty Realty index falling&nbsp;2.05%. 
Metal and chemical stocks also weakened, dragging the Nifty Metal index down 1.23% and Nifty Chemicals down 1.31%.&nbsp;
In contrast, the IT sector bucked the trend, with the Nifty IT index rising 0.41% on the back of gains in major technology companies.
Broader markets mirrored the weakness. 
The Nifty Midcap 100 index slipped 0.32%, while the Nifty Smallcap 100 index dropped 0.85%.
The rupee began the day on a stronger note, opening at ₹89.20, a gain of ₹0.35 (0.39%), after Friday&rsquo;s sharp slide to near-record lows around ₹89.65.
Experts said &ldquo;last week&rsquo;s decline was largely attributed to delays in the India&ndash;US trade deal, lack of any concrete updates on progress, a rising US dollar index, and the absence of visible intervention at lower levels.&rdquo; 
They added that &ldquo;despite today&rsquo;s bounce, the broader trend looks weak, and the rupee is expected to trade within a volatile range of ₹88.75&ndash;₹89.50 in the near term.&rdquo;
&mdash;IANS

Traders monitor falling stock indices on screens

Markets end weak as volatility drags indices despite global cues turning positive

Markets Slip After Choppy Trade On Monday

The combined market valuation of seven of India&rsquo;s ten most valuable companies surged by more than ₹1.28 lakh crore last week, driven by broad-based strength in domestic equities.
Market sentiment remained positive through the week, with the Sensex rising 669.14 points (0.79%) and the Nifty50 gaining 0.61%.&nbsp;
Heavyweight stocks across energy, banking, IT and FMCG sectors contributed significantly to the uptick.
Among the top gainers, Bharti Airtel recorded the sharpest rise in market capitalisation, adding ₹36,579.01 crore to reach ₹12,33,279.85 crore.&nbsp;
Infosys added ₹17,490.03 crore, taking its valuation to ₹6,41,688.83 crore, while Tata Consultancy Services (TCS) grew by ₹16,299.49 crore to ₹11,39,715.66 crore.
Banking majors also gained traction. 
HDFC Bank added ₹14,608.22 crore, taking its valuation to ₹15,35,132.56 crore, and State Bank of India rose by ₹4,846.08 crore to ₹8,97,769.87 crore.
&nbsp;In FMCG, Hindustan Unilever added ₹1,785.69 crore to stand at ₹5,71,972.75 crore.
However, three major companies saw a decline in their valuations. 
Bajaj Finance recorded the steepest fall, shedding ₹8,244.79 crore to settle at ₹6,25,328.59 crore.&nbsp;
Life Insurance Corporation of India (LIC) lost ₹4,522.38 crore, bringing its valuation to ₹5,70,578.04 crore, while ICICI Bank dipped by ₹1,248.08 crore to ₹9,79,126.35 crore.
In the overall rankings, Reliance Industries retained its position as the country&rsquo;s most valued company, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and LIC.
&mdash;IANS

Stock market screen showing rising company valuations

Seven of India’s top-10 companies gain over ₹1.28 lakh crore in market value this week

Markets