spot_img

India makes first crude oil payment to UAE in Indian rupees

Date:

Share:

[ad_1]

India and the United Arab Emirates have started settling bilateral trade in their local currencies with India’s top refiner making payment in rupees for purchase of a million barrels of oil from the Middle Eastern nation, the Central government said on Monday.

Indian Oil Corp made payment to Abu Dhabi National Oil Company (ADNOC), according to a statement issued by Indian embassy in UAE.

The transaction comes after one involving the sale of 25 kg gold from a UAE gold exporter to a buyer in India at about 128.4 million rupees ($1.54 million).

India in July signed an agreement with the UAE allowing it to settle trade in rupees instead of dollars, boosting India’s efforts to cut transaction costs by eliminating dollar conversions.

During a visit by Prime Minister Narendra Modi to the UAE, the two countries also agreed to set up a real-time payment link to facilitate easier cross-border money transfers.

Bilateral trade between India and UAE was $84.5 billion in 2022/23.

India is keen to push similar local currency arrangements with other countries, as it looks to boost exports amid slowing global trade.



[ad_2]

Source link

━ more like this

Smart Shipping on Display: DST’s Autonomous Navigation at XPONENTIAL Europe

Smart Shipping on Display: DST’s Autonomous Navigation at XPONENTIAL Europe Some 8,000 inland navigation vessels currently transport goods on Europe’s rivers and canals. The first...

AI and Geopolitics: Deepseek’s Chip Challenge

AI and Geopolitics: Deepseek's Chip Challenge Strategy to curb China's AI edge backfires as DeepSeek takes open-source route Powerful artificial intelligence software from Chinese startup DeepSeek...

Google Cloud to Drive Innovation at AlUla

Google Cloud to Drive Innovation at AlUla The Royal Commission for AlUla (RCU) has entered into a collaboration with Google Cloud, marking a key step...

AI Innovation Meets Responsibility: Highlights from Chicago AI Week 2025

AI Innovation Meets Responsibility: Highlights from Chicago AI Week 2025 Chicago AI Week is a leading event dedicated to advancing AI innovation while promoting ethical...

From Vision to Reality: OE-A at LOPEC

From Vision to Reality: OE-A at LOPEC The OE-A Competition 2025 takes center stage at LOPEC—the leading international exhibition and conference for cutting-edge flexible, organic,...