“One of the BRICS nations, India is advancing rapidly by convincing other countries to ditch the U.S. dollar and settle cross-border transactions with local currencies. India signed an agreement with the United Arab Emirates (UAE) to settle trade using the Indian Rupee and not the U.S. dollar. The move would boost the Rupee and cut foreign exchange transaction costs by ending reliance on the U.S. dollar…
The bilateral trade between India and the UAE stands at $84.5 billion between April 2022 to March 2023. Transactions were earlier settled using the U.S. dollar but it will be conducted through the Rupee going forward.”