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India aims to make rupee a hard currency over next 10 years, says Sanjeev Sanyal

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India aims to make the rupee a hard currency over the period of a decade as it looks to increase the use of INR in global transactions, particularly those related to the South Asian nation, says Sanjeev Sanyal, member, Economic Advisory Council to the Prime Minister.

In an exclusive interaction with Moneycontrol, Sanyal emphasised that India’s efforts to internationalise the rupee has “nothing to do with de-dollarization”. The endeavour is to make INR part of the existing list of hard currencies such as Euro, the Yen, the Singapore dollar, the British Pound, and the Renminbi, he said.