Currency & FX #india#uae
India and UAE Intensify Efforts to Expand Local Currency Trade Settlement Beyond Oil and Gold
India and the UAE are intensifying efforts to expand the use of local currencies (rupee and dirham) for bilateral trade settlement. More than 15% of trade has been invoiced in local currencies since July 2023, but adoption remains concentrated in oil and precious metals. Authorities plan to simplify procedures, onboard more banks, and engage business communities through roadshows and chambers of commerce to reduce reliance on the US dollar.
Jun 15, 2026 1 source