Global Trade Settlement: Russia is the first country to start foreign trade in Indian Rupees.

International Trade Settlements in Rupees: The Indian rupee is moving fast on its way to become a global currency.

According to the new information given by the Ministry of External Affairs (MEA), bilateral trade between India and Malaysia (India-Malaysia Trade) can now be done in Indian Rupee (Trade In Indian Rupee) in addition to other currencies.

India International Bank of Malaysia (IIBM) based in Kuala Lumpur has started operation of this system by opening a special Rupee Vostro Account through its respective bank i.e. Union Bank of India in India.

Let us tell you that after the decision of the Reserve Bank of India (RBI) to allow Global Trade Settlement in Indian Rupee (INR) in July 2022, many countries have expressed their desire to trade in rupee.

Russia is the first country to start foreign trade in Indian rupees.

Even after this, about 35 countries have agreed to do business in rupees.

 RBI had proposed global trade settlement to reduce dependence on dollar, promote exports, increase international trade as well as reduce the burden on foreign exchange reserves.

The objective of this initiative is to promote and facilitate global trade and global trading community.