India and UAE agree to settle trade in rupees and dirhams ...News

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India and UAE agree to settle trade in rupees and dirhams
The two countries have also sealed a deal to link their respective national payment systems In a major boost to the position of the Indian rupee, New Delhi and Abu Dhabi on Saturday agreed to create mechanisms for settling trade in national currencies, as opposed to the use of US dollars.  During Indian Prime Minister Narendra Modi’s one-day visit to the United Arab Emirates (UAE), one of the largest oil producers in the Middle East, the two nations’ central banks signed a memorandum of understanding to establish a framework to promote the use of local currencies such as the rupee and the dirham for cross-border t

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