The RBI has not instructed banks to shift all dirham payments to this channel but instead is taking steps to encourage the development of an rupee-dirham market
Exchange rates will be updated twice a month, allowing traders to stay abreast of the latest currency valuations, without delays
The drop in value for the Indian currency came against a sharp rise in US dollar value as the American greenback rose to the highest levels in six months
The 2000-rupee note will remain legal tender, but citizens have been notified to deposit or exchange these notes
India is pushing forward with digital versions of its currencies, as it seeks to eliminate private cryptocurrencies that pose risks to financial stability