India’s Rupee trade gains momentum over Dollar; Malaysia to settle payments in INR | Details

In a major development, Malaysia and India can now use the Rupee to settle trade in addition to other currencies. The Ministry of External Affairs made the announcement. “India International Bank of Malaysia (IIBM), based in Kuala Lumpur, has operationalised this mechanism by opening a special Rupee Vostro account through its corresponding bank in India that is Union Bank of India,“ it said. It comes after the Reserve Bank of India allowed settlement of international trade in Indian currency in 2022. Watch this video for more details. #rupee #india #malaysia #trade #dollar #inr #rbi #vostro #narendramodi #Newdelhi #kualalumpur #anwaribrahim Hindustan Times Videos bring you news, views and explainers about current issues in India and across the globe. We’re always excited to report the news as quickly as possible, use new technological tools to reach you better and tell stories with a 360 degree view to give you a better understanding of the world around you.