<h1>India-Maldives Trade Now Settled in INR and MVR, Enhancing Bilateral Trade with Local Currency Options.</h1> The Reserve Bank of India (RBI) announced that India's trade transactions with the Maldives can now be settled in Indian Rupees (INR) and Maldivian Rufiyaa (MVR), alongside the existing Asian Clearing Union (ACU) mechanism. This decision follows a Memorandum of Understanding signed between the RBI and the Maldives Monetary Authority in November 2024, aimed at promoting the use of local currencies for bilateral trade. The new settlement option is effective immediately, facilitating smoother trade relations between the two countries.