Sri Lanka, June 17 -- India and Sri Lanka are exploring greater use of local currencies in bilateral trade as part of efforts to deepen economic integration, reduce transaction costs and enhance the resilience of cross-border commerce.

The initiative was discussed at a high-level roundtable titled "Rupee to Rupee: Strengthening India-Sri Lanka Commercial Corridor", hosted by the High Commission of India in Colombo, bringing together policymakers, central bankers, bankers and business leaders from both countries.

Addressing the forum, Indian High Commissioner to Sri Lanka Santosh Jha said the proposed "Rupee-to-Rupee" commercial corridor would enable businesses to settle transactions directly in Indian Rupees and Sri Lankan Rupees, reduc...