The dominance of Indian currency is increasing in the global market. The Indian rupee is fast moving forward on the path of becoming a global currency. According to new information given by the Ministry of External Affairs (MEA) on Saturday, bilateral trade between India and Malaysia can now be done in ‘Indian Rupee’, apart from other currencies.
This service will be operated through Vostro Accounts. For this, India International Bank of Malaysia (IIBM) has opened a special Rupee Vostro Account in India through its respective bank i.e. Union Bank of India.
Let us tell you that after the decision of RBI to allow settlement of international trade in Indian currency in July 2022, many countries had expressed their desire to trade in rupees. Russia was the first to adopt bilateral trade in rupees. After this, about 35 countries are ready to adopt bilateral trade in rupees.