This mechanism will allow the Indian and Malaysian traders to invoice the trade in Indian Rupees therefore saving on currency conversion spreads. theSun theSundaily trade currency business Rupee Ringgit conversion
: Trade between India and Malaysia can now be settled in Indian Rupee in addition to the current modes of settlement in other currencies, said the Indian High Commission to Malaysia.
“This initiative by the Reserve Bank of India is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian Rupee . The statement also said India International Bank of Malaysia is the first Bank in Malaysia that has operationalised this mechanism by opening a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India.
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