India to lobby with Iraq, Japan and Venezuela to accept trade payments in Rupee

India is preparing to lobby major trading partners including Japan, Iraq and Venezuela to accept rupee payments for some of their exports, one of a series of moves to stabilise the volatile currency and make it more globally acceptable. A panel set up in Aug 2013 to study currency swaps now plans to target oil exporting nations and others that run large trade surpluses with India. The panel will also decide on the size of the swap deals it will seek from these countries.

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