It is not achievable by financial regulation alone, as the preconditions we The term is supposed to have been coined in the 1960s by Valéry Giscard d'Estaing, then the French Minister of Finance. 12  7  listed for dollar dominance clearly illustrate. Therefore, the status of  Rupee as an international currency is not what we are discussing here today. 13.
But we can make tangible progress towards internationalisation of the Rupee. This is a process that involves increasing use of the Rupee in cross-border transactions. Broadly, the process involves promoting  Rupee for import and export trade and then other current account transactions followed by its use in capital account transactions. These are all transactions between residents in India and non-residents.