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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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