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India agrees with UAE to settle trade in rupees
By Arpan Chaturvedi
Reuters
Saturday, July 15, 2023
NEW DELHI -- India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions.
During a visit by India's Prime Minister Narendra Modi to the UAE today, the two countries also agreed to set up a real-time payment link to facilitate easier cross-border money transfers.
... Dispatch continues below ...
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The two agreements will enable "seamless cross-border" transactions and payments, and foster greater economic cooperation," said a statement from the Reserve Bank of India.
India, the world's third biggest oil importer and consumer whose central bank last year announced a framework for settling global trade in rupees, currently pays for UAE oil in dollars. ...
... For the remainder of the report:
https://www.reuters.com/world/india-ties-up-with-uae-settle-trade-rupees-2023-07-15/
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