India, UAE in talks for rupee-dirham denominated bilateral trade

ANI
25 Nov 2022, 17:25 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)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Manufacturing Mirror.

More Information

null in null

Small Business

Section

Beijing's Growing Boldness: China's Stance On Ukraine Sparks EU Alarm

Publicly, Beijing has presented itself as a neutral party in the war sparked by Russia's full-scale invasion of Ukraine, claiming it...

UK's aid to boost Ukraine's defence growth, to give 283 million Euros in bilateral aid next year

London [UK], July 11 (ANI): New UK package of support for Ukraine's immediate and longer-term needs was tabled at Ukraine Recovery...

Armenian opposition lawmaker arrested

Arrests of critics mount as authorities allege a wide-ranging plot to overthrow Prime Minister Nikol Pashinyans government An Armenian...

"Election Commission has become Godi Aayog": Tejashwi Yadav at Bihar Bandh rally

Patna (Bihar) [India], July 9 (ANI): RJD leader Tejashwi Yadav on Wednesday heavily criticised the Election Commission of India for...

Punjab: Two accused in Abohar businessman's murder killed in police encounter

Fazilka (Punjab) [India], July 9 (ANI): Two accused in the murder of Abohar businessman Sanjay Verma were killed in retaliatory police...

"We have the evidence against him": Bihar ADG on arrest of one accused in Gopal Khemka case

Patna (Bihar) [India], July 8 (ANI): Bihar ADG Kundan Krishnan on Tuesday informed that the shooter who was involved in the businessman...

Automotive

Section