The use of the Indian rupee in import and export invoicing has increased steadily over the years, according to data compiled by the Reserve Bank of India, which said the internationalisation of the INR has been mutually beneficial for trading partners.Over the past few years, the RBI has introduced several measures to enhance the role of the rupee as an international currency through increased usage in current account and select capital account transactions.
In its Annual Report 2025–26, the central bank said the growing use of the INR as an invoicing and settlement currency could help protect against exchange rate risks, reduce dependence on costly foreign exchange reserves in convertible currencies, and provide broader economic benefits.
According to the RBI, there has been a considerable rise in INR-based invoicing and settlement since July 2022.Between August 2022 and July 2025, the compound annual growth rate (CAGR) for imports and exports invoiced in INR stood at 20.9% and 12.7%, respectively.Latest data for FY26 showed year-on-year growth in export invoicing (6.5%), import invoicing (9.5%), export settlement (2.7%) and import settlement (41.2%) compared with the previous year.In absolute terms, INR invoicing for imports stood at ₹2.85 lakh crore in FY26, up from ₹2.60 lakh crore in FY25 and ₹1.94 lakh crore in FY24. Export invoicing rose to ₹3.27 lakh crore from ₹3.07 lakh crore in FY25.INR settlement for imports increased to ₹1.60 lakh crore during FY26 from ₹1.13 lakh crore a year earlier, while export settlements stood at ₹1.72 lakh crore compared with ₹1.67 lakh crore in FY25.Also Read: Fake ₹500 notes rise over 20% in FY26 as cash circulation grows: RBIThe RBI said the internationalisation of the rupee has encouraged trade invoicing in several other emerging market currencies as well.The report also noted that the rupee remained under depreciation pressure during FY26 due to trade uncertainties, geopolitical tensions and foreign portfolio investor outflows from the equity market.
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