India & UAE Settle Trade Payments In Rupee, To Establish Direct Payment Mechanism Soon

Published On: September 13, 2023 - India and the UAE have started settling trade payments in local currency, in a move to reduce dollar dependence. A direct payment mechanism will be established to facilitate seamless cross-border money transfers between the two trade partners. Bilateral trade between India-UAE increased 14% to $76.9 million in the past year. Watch News9’s Shweta Kothari and Amit Ranjan as they discuss the implication of trade settlement in rupee.