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Rupee rises 7 paise to settle at 83.18 against US dollar At the interbank foreign exchange, the rupee opened strong at 83.20 and traded between the intra-day peak of 83.15 and the lowest level of 83.24 against the greenback.

After the efforts of RBI, Rupee has almost become like a reserve currency in South Asia. For example, it is also being used at some places where there's no involvement of India. Like Sri Lanka has decided to use Rupee in Oil trade with Iran, so it might as well replace Dollar with Rupee in Petrol-dollar trade.

1. A currency union is an agreement among members of that union (countries or other jurisdictions) to share a common currency, and a single monetary and foreign exchange policy.

Among the benefits of a global currency would be the elimination of currency risk and conversion costs in international trade and finance. Economically developing nations would benefit from a stable currency and the removal of currency barriers, which would lead to increased trade among nations.

A currency union is when two or more economies (usually sovereign countries) share a common currency or mutually decide to peg their exchange rates to the same reference currency to keep the value of their monies similar.

The United States of America has been a successful currency union for two centuries. Few people?historians, economists, or ordinary citizens?doubt that having a single currency, the dollar, contributed mightily to American prosperity and growth.

$BRICKS to USD AmountToday at pm1 $BRICKS$0.0001065 $BRICKS$0.00053210 $BRICKS$0.00106550 $BRICKS$0.0053254 more rows

Since the end of World War II, the dollar has been the world's most important means of exchange. It is the most commonly held reserve currency and the most widely used currency for international trade and other transactions around the world.