<p>India and Malaysia can now use the Indian rupee to settle trade in addition to other currencies, the Ministry of External Affairs (MEA) said on Saturday.</p>.<p>The move follows the decision by the Reserve Bank of India in July last year to allow settlement of international trade in Indian currency.</p>.<p>"Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies," the MEA said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/economy-business/forex-kitty-rises-598-bn-to-57878-bn-1205421.html" target="_blank">Forex kitty rises $5.98 bn to $578.78 bn</a></strong></p>.<p>"This follows the decision by the Reserve Bank of India in July 2022 to allow settlement of international trade in Indian Rupee," it said in a statement.</p>.<p>The MEA said the RBI's initiative is aimed at facilitating the growth of trade and supporting the interests of the global trading community in the Indian rupee.</p>.<p>"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.</p>.<p>Vostro accounts are used to make payments in domestic currency.</p>
<p>India and Malaysia can now use the Indian rupee to settle trade in addition to other currencies, the Ministry of External Affairs (MEA) said on Saturday.</p>.<p>The move follows the decision by the Reserve Bank of India in July last year to allow settlement of international trade in Indian currency.</p>.<p>"Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies," the MEA said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/economy-business/forex-kitty-rises-598-bn-to-57878-bn-1205421.html" target="_blank">Forex kitty rises $5.98 bn to $578.78 bn</a></strong></p>.<p>"This follows the decision by the Reserve Bank of India in July 2022 to allow settlement of international trade in Indian Rupee," it said in a statement.</p>.<p>The MEA said the RBI's initiative is aimed at facilitating the growth of trade and supporting the interests of the global trading community in the Indian rupee.</p>.<p>"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.</p>.<p>Vostro accounts are used to make payments in domestic currency.</p>