Bangladesh, Oct. 22 -- India is taking deliberate steps to strengthen the global role of its national currency, the rupee, in international trade. According to government sources cited by local and international media on October 22, New Delhi is seeking to make it easier for its free-trade partners to settle transactions directly in rupees-an effort that reflects the countrys growing ambition to reduce dependence on the US dollar while bolstering the long-term stability and international credibility of its own currency.

The Reserve Bank of India (RBI) has taken the lead in this process, reportedly working on establishing direct rupee exchange rates that bypass the need for intermediary currencies like the US dollar. At present, most curr...