Tuesday, July 22, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

India To Settle Trade With UAE Using Rupee, Ditches U.S. Dollar

Simon Osuji by Simon Osuji
July 17, 2023
in Business
0
India To Settle Trade With UAE Using Rupee, Ditches U.S. Dollar
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

One of the BRICS nations, India is advancing rapidly by convincing other countries to ditch the U.S. dollar and settle cross-border transactions with local currencies. India signed an agreement with the United Arab Emirates (UAE) to settle trade using the Indian Rupee and not the U.S. dollar. The move would boost the Rupee and cut foreign exchange transaction costs by ending reliance on the U.S. dollar.

Also Read: What Happens if the UAE Joins BRICS Alliance?

Related posts

Top 10 countries with the highest reserves of foreign exchange and gold 2025

Top 10 countries with the highest reserves of foreign exchange and gold 2025

July 21, 2025
DeVoe: Record-breaking RIA M&A run led by private equity’s consolidator comeback

DeVoe: Record-breaking RIA M&A run led by private equity’s consolidator comeback

July 21, 2025

India’s Prime Minister Narendra Modi visited the UAE on Saturday and held talks with the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. The two countries also agreed to create a real-time payment link to facilitate cross-border remittances for local currencies.

The real-time payment infrastructure will provide “seamless cross-border transactions and payments, and foster greater economic cooperation” said the Reserve Bank of India (RBI) in a statement.

Also Read: BRICS: Saudi Arabia, GCC Nations Provide ‘Oil Deal’ Support to Russia

The bilateral trade between India and the UAE stands at $84.5 billion between April 2022 to March 2023. Transactions were earlier settled using the U.S. dollar but it will be conducted through the Rupee going forward.

BRICS: India & UAE Ditch U.S. Dollar For Oil Trade

Source: PTI

India is the third biggest importer of oil and using the Rupee for global trade will strengthen its local economy. The U.S. dollar will lose out on international transactions putting the U.S. dollar’s prospects at peril. The UAE is among the top 10 biggest exporters of oil and accepting local currencies threatens the dollar’s value.

Also Read: Saudi Arabia Likely To Join BRICS Alliance in August Summit

In FY 2022-23, India saved $7 billion by paying through the Chinese Yuan for oil. The oil was laundered from Russia and sold to China and Saudi Arabia due to the U.S. sanctions. Saudi Arabia and China laundered Russian oil to Europe, India, and other countries and settled trade in native currencies. Read here to know how India is saving billions of dollars by ditching the U.S. dollar for cross-border transactions.

Source link

Previous Post

Do these simple things and enjoy your favourite foods without compromising on health

Next Post

Derrick Broze Exposes The Technocratic State With Patrick Wood

Next Post
Derrick Broze Exposes The Technocratic State With Patrick Wood

Derrick Broze Exposes The Technocratic State With Patrick Wood

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

MVNX enhances MVNE platform with Cerillion BSS/OSS expansion

MVNX enhances MVNE platform with Cerillion BSS/OSS expansion

2 weeks ago
Top 10 coconut-producing countries worldwide in 2023

Top 10 coconut-producing countries worldwide in 2023

5 months ago
Improved Road & Railway Infrastructure To Boost Intra-African Trade

Improved Road & Railway Infrastructure To Boost Intra-African Trade

2 years ago
Norway Buys More TPY-4 Multi-Mission Radars From Lockheed

Norway Buys More TPY-4 Multi-Mission Radars From Lockheed

10 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Tanzania’s natural gas sector goes global with Dubai deal

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.