Sri Lanka, March 31 -- "Many of the Indian exporters are now shifting to Indian Rupees (INR) because of the cost effectiveness in settlements and the transaction will effect immediately within the same day compared to US$," said Ravindra Kumar, Country Head of Sri Lanka for State Bank of India.

He was addressing businessmen both from Sri Lanka and India who dealt in import and exports between the two countries, conducted by the Ceylon Chamber of Commerce (CCC) under the theme 'Indian Rupee denominated trade settlements between India and Sri Lanka.'

He said benefits of settlements denominated in INR includes shorter timelines, lower exchange costs and easier availability of trade credits and said the INR impact has also been much helpful...