The goal of this article is to fi nd out the basic directions of the rupee s internationalization in the early twenty fi rst century. Based on the analysis of Indian foreign trade, the author hypothesizes that there exists a special commercial exchange rate of the rupee which may become an instrument of its wider internationalization. The article also reveals an intertwined nature of the rupee s commercial exchange rate - separately for exports and imports. Further, a method of calculating these exchange rates is proposed. In this article the author makes calculations of the direct trade effi ciency of India with several countries using the rupee's commercial exchange rate. Russian exporters to India should take into account the existence of different exchange rates of the rupee, for as the one exceeding the other gives them a competitive advantage when entering the Indian market.