RBI eases SRVA rules to boost rupee trade, cut dollar reliance
The Reserve Bank of India(RBI) has scrapped prior approval for banks to open Special Rupee Vostro Accounts(SRVAs), streamlining rupee-settled cross-border trade. The move aims to reduce dollar dependence and strengthen financial ties with partners. Reports say the RBI sold $5 billion in August to support the rupee, which recently neared a record low after US tariff hikes.