Indian Rupee: An Emerging Trading Currency of Asia and Across in Industry 5.0

The paper investigates the globalization of the Indian Rupee and the resultant consequences on Asia and the global economy. It sets five objectives: to analyse issues of the historical context of the internationalization of the Rupee, undertake a comparative approach to India and other countries’ policies, examine its impact on developing economies in Asia and the rest of the world, study its role in the flows of trade and investments, and understand the dynamics behind the currency’s upsurge. The researchers employed a qualitative approach for the analysis. The results and analysis suggest that the Indian government has also developed various regulations aimed at facilitating international transactions in the Rupee including easing the controls on foreign currency. The proliferation of the Rupee has enabled other underdeveloped countries in the region that had strong trade relations with India to bolster their trade and decrease dependence on other reserve currencies with wider acceptance. It was also established that the Rupee has opened avenues for international trade and investment and may transition into a reserve currency at some point. In conclusion, the authors suggest that promoting international usage of the Rupee remains a viable strategy for the Indian government but risks have to be countered. To a large extent, the Indian Rupee’s internationalization is a good development, especially for Asians as well as the global marketplace.