After UAE, India signs local currency trade agreement with Indonesia
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The Reserve Bank of India (RBI) and Bank Indonesia (BI) have inked a memorandum of understanding (MoU) to foster cross-border transactions using local currencies. This is India's second such deal, following a similar agreement with the UAE. The collaboration seeks to establish an INR (Indian Rupee) and IDR (Indonesian Rupiah) foreign exchange market. This will enable traders to invoice and pay in their respective domestic currencies.