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.

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