New York — The Central Bank of India (CBI) on Monday announced the launch of its new foreign currency converter.
The currency converter allows traders to convert the exchange rate between rupees and U.S. dollars into rupees, euros and sterling and vice versa.
While the converter is not yet ready to be used in the markets, the RBI said it is a “first step towards making it accessible to the public”.
The RBI said the new converter will be available on its website on February 23.
The new tool allows traders who are interested in using a local currency, such as the rupee, to convert between it and their domestic currency, the ruata, and vice-versa.
It also allows them to convert their currency into dollars and vice.
Banks can apply for the tool to be deployed on their books as per their requirements, and the government can also grant it for free.
Currently, only foreign exchange traders can apply.
The RBI also announced a Rs 10,000 reward for any ruata trader who can demonstrate their ability to use the converter.
The government also announced on Monday that it would set up a new government website on which the ruatri and ruata currencies will be converted.
“We are trying to bring the ruatary into the mainstream.
The ruata will be the common currency for all Indians.
It will be easy to use,” RBI Governor Raghuram Rajan said in a video address.
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