ANI
25 Nov 2022, 21:55 GMT+10
New Delhi [India], November 25 (ANI): India and UAE are in talks for a Rupee-Dirham-denominated bilateral trade, said Sunjay Sudhir, Indian Ambassador to UAE, adding that both the countries will find it beneficial.
The Ambassador said the talks started on September 1, 2022.
"Both countries find this beneficial. India has shared a concept paper with UAE. Central Banks of both countries are discussing. The objective is to reduce the transaction cost," the Indian Ambassador to UAE said.
This development followed the Reserve Bank of India's (RBI) announcement -- a mechanism to settle payments for international trade in rupees, especially for India's exports.
It is widely believed if the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run.
A currency can be termed "international" if it is widely accepted worldwide as a medium of exchange.
SBI Research, in a report in early July, said, an interesting development is taking place in the global currency market as there has been a significant jump in trade in oil and other commodities in currencies such as the Renminbi, Hong Kong Dollar, and Arab Emirates Dirham.
In the report, SBI Research said the Reserve Bank of India (RBI) should make a conscious effort to internationalise the Indian currency rupee amid disruptions in payments caused by the ongoing Russia-Ukraine war. (ANI)
Get a daily dose of Manufacturing Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Manufacturing Mirror.
More InformationDUBLIN, Ireland: A just-released survey shows that over half of the chief executives in Ireland believe the nation's economic growth ...
NEW YORK CITY, New York: As it sets aside more funds to cover potentially bad loans, American Express announced that ...
New Delhi [India], February 4 (ANI): Officials at Sadar Bazar police station and local businessmen set an example of humanity ...
New Delhi [India], January 4 (ANI): The Delhi High Court has extended the interim bail granted to businessman Ajay Ramesh ...
Washington [US], February 4 (ANI): A US jury on Friday decided that Tesla CEO Elon Musk was "not liable" for ...
New Delhi [India], February 3 (ANI): BJP national general secretary Tarun Chugh on Friday demanded a central agency inquiry into ...
WASHINGTON D.C.: The US has again asked Mexico to investigate claims that workers at an auto parts facility of American ...
WASHINGTON D.C.: Tesla confirmed this week that the US Justice Department has requested documents related to its Full Self-Driving and ...
TOKYO, Japan: Toyota has announced that it sold 10.5 million vehicles in 2022, maintaining its position as the world's top-selling ...
WASHINGTON D.C.: The White House said this week that Tesla Chief Executive Elon Musk met with John Podesta, a Democratic ...
JERUSALEM, Israel: As demand for its driver-assistance technology rises among vehicle-makers, Mobileye Global is forecasting revenues for the 2023 fiscal ...
New Delhi [India], February 4 (ANI): Keeping pace with the green energy focus of the world and reducing its carbon ...