The capability is offered to G-20 travellers at select international airports in New Delhi, Mumbai, and Bangalore, according to the announcement.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union are members of the G20 (EU).

The travellers would be provided with prepaid payment instrument (PPI) wallets that are linked to UPI for making payments.

Delegates from G20 nations can also utilise this UPI service at meeting locations. The UPI-linked wallets will be issued by ICICI Bank, IDFC First Bank, and Pine Labs Private Limited and Transcorp International Limited, two non-bank PPI issuers.

“Visitors to India can now enjoy the ease of UPI payments at over five crore merchant outlets across the country that accept QR Code-based UPI payments,” stated the RBI’s announcement.

The decision by the central bank comes on the same day that India and Singapore announced the integration of their real-time digital payment systems. The initiative aims to facilitate cheaper and safer cross-border remittances, which will assist the Indian diaspora in Singapore.

The connecting of Singapore’s PayNow and India’s UPI is the first international person-to-person payment system, and it came about five years after the notion was first proposed. The connection of Singapore’s PayNow and India’s UPI is the first cross-border person-to-person payments link for India and the second for the city state of Singapore. This linking came about five years after the notion was initially proposed. yments link for India, with the second position reserved for the city state.

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Even though Asian markets are moving, the rupee isn’t doing much, said a spot trader at a private sector bank. At the start of trading, foreign banks were bidding on USD/INR, and the trader said that importers were probably also active.

Indian Ruppe on life time low level at 81.23 agaisnt a US dollar. #RupeeFalls pic.twitter.com/hb2Phlc6ld

— Surender Kumar 🇮🇳 (@Surender_10K) September 23, 2022

This week, the rupee will be affected by the US Federal Reserve’s policy decision and India’s federal budget, both of which are due on February 1.

For the Fed, a key indicator would be how the officials react to the markets’ predictions that interest rates will go down later this year. With a 25 basis point hike already planned, the actual rate decision is not likely to make a difference.

“Officials seem to support “standard” 25bp increases from now on, but most are warning that there is still more work to be done,” ING Bank said in a note.

“As a result, we expect to hear that the ongoing interest rate hikes are “appropriate” as long as the plan to reduce the size of the balance sheet stays the same.”

In the meantime, Indian stocks are having a rough day of trading after falling for two days due to a report on the Adani Group by short sellers. In early trading, the Nifty 50 Index (.NSEI) dropped to a level not seen in more than three months.

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The uncertainty about Adani could affect how much money comes in and out of the rupee. According to early exchange data, foreign investors sold more than $700 million worth of Indian stocks on Friday.

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