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    Question

    The Reserve Bank of India (RBI) signed an agreement with Indonesia’s central bank to promote cross-border local currency transactions. This agreement is India’s _____ such local currency trade agreement.

    A First Correct Answer Incorrect Answer
    B Second Correct Answer Incorrect Answer
    C Third Correct Answer Incorrect Answer
    D Fourth Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The agreement between the RBI and Indonesia’s central bank is India’s second local currency trade agreement, following a similar agreement with the UAE. This agreement aims to promote the use of the Indian Rupee (INR) and the Indonesian Rupiah (IDR) in cross-border transactions between the two countries.

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