Indian currency on the way to become global: India and Malaysia can now trade in rupees

The Ministry of External Affairs (MEA) on Saturday (April 1) said that India and Malaysia can now use the Indian rupee to trade in addition to other currencies. Last year in July 2022, the Reserve Bank of India (RBI) allowed the settlement of international trade in Indian currency. This step has been taken only after this decision of RBI.
"In addition to the existing methods of settlement in other currencies, trade between India and Malaysia can now be settled in Indian Rupee (INR) also," the ministry said. 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.
The ministry further said, 'India International Bank of Malaysia (IIBM), based in Kuala Lumpur, has started this system by opening a special Rupee Vostro account in India through its respective bank i.e. Union Bank of India. Explain that Vostro accounts are used to make payments in domestic currency.
So far 35 countries have shown their interest in trading with India in rupees. Apart from Russia, India's neighbouring countries Myanmar, Bangladesh and Nepal are also included in this. If we look at the international market, the demand for dollars is the highest.
India also pays in dollars for exports and imports of most things. India has to spend billions of dollars on this. But, the speed with which many countries have agreed to trade in Indian currency. This will reduce India's dependence on the dollar.