RBI pushes for local currency in India-UAE trade
Image Credit: NewsBytes
The Reserve Bank of India is encouraging local banks to settle trade transactions between the UAE and India using the Dirham (AED) or Indian Rupee (INR). This initiative aims to reduce reliance on US Dollar-based transactions and expand INR's global reach. The move is part of an effort to promote settlement in local currencies with countries where India has a trade deficit. RBI may establish internal targets for the amount of India-UAE trade it wants to shift away from Dollars.