Indian Rupees: The increasing dominance of the Indian rupee! Now business will be done with this country in Indian currency, know

Trade in Indian Rupee: Due to the increasing dominance of India on the global stage, now trade in Indian currency is possible with many countries. Along with the rest of the currencies between India and Malaysia, business will now be possible in Indian currency ie Rupee. In a statement released on Saturday, the Ministry of External Affairs informed that last year itself, the Reserve Bank of India had given permission to use the rupee for international business. After this, an agreement has been made between the two countries regarding this. The MEA said that like other currencies, now the Indian rupee will also be used for trade between the two countries.

Vostro account is used

It may be noted that Vostro account will be required to do business with Malaysia through Indian Rupee. Giving information about this, the Ministry of External Affairs said that the India International Bank of Malaysia (IIBM), located in Kuala Lumpur, Malaysia, along with its Indian associate bank Union Bank of India (UBI), has decided to open a Special Rupee Vostro Account. Providing convenience. Only through this account, business between Malaysia and India will be possible in rupees. Payment in rupees will be possible for business through this account.

Rupee turnover increased at the international level

After the Russia-Ukraine war, many western countries including America had imposed many types of economic sanctions on Russia. After this, India started promoting rupee for trade. For this, in July 2022, the Reserve Bank gave permission to use the rupee internationally. India has taken this step to reduce the dependence of India and the world on dollar. This will also reduce the burden of foreign exchange reserves on the country and will also help in making global trade easier.

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