MUMBAI – To encourage the use of the rupee and other currencies to settle cross-border transactions, India’s central bank took steps to further liberalise regulations under the foreign exchange management act, it said in a release last week.

Indian exporters will now be able to open accounts in any foreign currency overseas to settle trade transactions, including receiving export proceeds, and use these proceeds to pay for imports, the Reserve Bank of India said.

The RBI will permit overseas branches of authorised banks to open rupee-accounts for anyone residing outside the . . .