India and UAE Strengthen Trade Ties with Local Currency Settlements
India and the United Arab Emirates have signed an agreement to settle trade in rupees instead of dollars, aiming to reduce transaction costs. The two countries also agreed to establish a real-time payment link to facilitate cross-border money transfers. The move is part of India's efforts to cut dollar conversions and foster greater economic cooperation. Bilateral trade between India and the UAE was $84.5 billion in the last fiscal year.