Exclusive: India cenbank nudges banks to settle UAE trades in rupee, dirham -sources

India's central bank is urging local banks to encourage trade settlements between the United Arab Emirates and India using the dirham or Indian rupee instead of the U.S. dollar, as part of an initiative to promote the use of local currencies and reduce the trade deficit with the UAE.

reuters.com

Relevant topic timeline:

8/28/2023

Why the India-UAE deal to trade in local currencies matters

India and the UAE have agreed to settle bilateral trade in their own currencies, a move that is expected to strengthen economic relations and boost exports for India. The agreement aims to lower transaction costs and reduce uncertainty caused by fluctuating exchange rates, benefiting both countries and de-risking their dependence on reserve currencies.

8/28/2023

BRICS: India Ditches US Dollar in Historic Oil Deal with UAE

India has made a historic oil deal with the UAE, purchasing 1 million barrels of oil in rupees instead of US dollars, marking a significant step in the BRICS alliance's de-dollarization efforts.

8/29/2023

BRICS Member Admits US Dollar Will Remain Dominant

India has recently entered into a historic oil deal with the UAE, marking a significant move away from the US dollar; however, Indian Oil and Gas Minister Hardeep Singh Puri believes that de-dollarization is not yet taking hold and that the US dollar's dominance remains unchallenged.

9/11/2023

Indian Rupee Hits Record Low as BRICS Nations Seek to Counter Rising Dollar

The Indian Rupee is weakening against the US dollar, causing concern for Indian authorities who fear that it could impact the country's import and export sectors, with suspicions that India may be taking measures to limit the dollar's growth; similarly, other BRICS member countries like China and Japan are also trying to curb the US dollar's growth.

9/15/2023

India and Saudi Arabia Explore Local Currency Settlement for Bilateral Trade to Bypass Dollar

India and Saudi Arabia are discussing the possibility of trading in their local currencies, potentially ending their reliance on the US dollar for cross-border transactions.

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Posted 8/21/2023, 10:49:00 AM

Exclusive: India cenbank nudges banks to settle UAE trades in rupee, dirham -sources

reuters.com

Relevant topic timeline:

8/28/2023

Why the India-UAE deal to trade in local currencies matters

8/28/2023

BRICS: India Ditches US Dollar in Historic Oil Deal with UAE

India has made a historic oil deal with the UAE, purchasing 1 million barrels of oil in rupees instead of US dollars, marking a significant step in the BRICS alliance's de-dollarization efforts.

8/29/2023

BRICS Member Admits US Dollar Will Remain Dominant

9/11/2023

Indian Rupee Hits Record Low as BRICS Nations Seek to Counter Rising Dollar

9/15/2023

India and Saudi Arabia Explore Local Currency Settlement for Bilateral Trade to Bypass Dollar

India and Saudi Arabia are discussing the possibility of trading in their local currencies, potentially ending their reliance on the US dollar for cross-border transactions.