The Reserve Bank of India and Bank Indonesia (BI) on Thursday signed a Memorandum of Understanding to promote use of local currencies for bilateral transactions. The MoU was signed here for establishing a framework to promote the use of local currencies viz., the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions, RBI said in a statement. This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market.