Bye-bye dollar: India & UAE agree to trade in local currencies

Bye-bye dollar: India & UAE agree to trade in local currencies

New Delhi and Abu Dhabi have inked a currency swap agreement to boost trade and investment without involvement of a third currency like the US dollar. The swap is for an amount of two billion UAE dirham or 35 billion Indian rupees (US$495 million), according to the Indian Embassy in Abu Dhabi.

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