https://sputniknews.in/20230815/india-kicks-off-local-currency-trade-with-uae-with-maiden-oil-payment-in-inr-3612460.html
India Kicks Off Local Currency Trade With UAE With Maiden Oil Payment in INR
India Kicks Off Local Currency Trade With UAE With Maiden Oil Payment in INR
Sputnik India
India has kicked off local currency trade with the Gulf state of UAE with the country's largest crude refiner purchasing a million barrels in rupees, a statement from the Indian High Commission in UAE said.
2023-08-15T18:12+0530
2023-08-15T18:12+0530
2023-08-15T20:19+0530
business & economy
india
delhi
new delhi
middle east
gulf countries
oil exporters
global oil production
indian oil corporation ltd
oil supplies
https://cdn1.img.sputniknews.in/img/07e7/03/1f/1382862_0:104:1920:1184_1920x0_80_0_0_71bc2bbe737e91eda97deb6ee8c5a91d.jpg
India has kicked off local currency trade with the Gulf state of UAE with the country's largest crude refiner purchasing a million barrels in rupees, a statement from the Indian High Commission in UAE said.The Indian Oil Corporation Limited (IOCL)'s payment to UAE's state-run Abu Dhabi National Oil Company (ADNOC) was made in both rupees and dirhams, the Indian embassy added.The development comes on the heels of Indian Prime Minister Narendra Modi's visit to Abu Dhabi last month where the two countries announced the deal. The UAE is India's third largest trade partner in the world, surpassed only by the United States and China. During the last fiscal, trade between the two nations touched $85 billion, and is expected to cross the $100 billion mark in 2023-24.The latest move is part of New Delhi's attempts at bringing down the costs of transactions by removing dollar conversions, especially in bilateral trade.
https://sputniknews.in/20230726/dollar-hegemony-plagued-nations-trade-in-local-currency-route-to-bypass-3198521.html
india
delhi
new delhi
middle east
gulf countries
china
us
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2023
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
News
en_IN
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
india uae local currency trade, india uae local currency trade, india uae trade in national currencies, india uae trade in local currency, india uae national currency trade, india crude imports uae local currency payment, india oil imports uae rupee payment, india oil purchase uae rupee payment, india uae oil purchase rupee payment,
india uae local currency trade, india uae local currency trade, india uae trade in national currencies, india uae trade in local currency, india uae national currency trade, india crude imports uae local currency payment, india oil imports uae rupee payment, india oil purchase uae rupee payment, india uae oil purchase rupee payment,
India Kicks Off Local Currency Trade With UAE With Maiden Oil Payment in INR
18:12 15.08.2023 (Updated: 20:19 15.08.2023) In its bid to push back against the US Dollar's hegemony, New Delhi has signed national currency trade agreements with several countries, including Bangladesh, Russia, and UAE.
India has kicked off local currency trade with the Gulf state of UAE with the country's largest crude refiner purchasing a million barrels in rupees, a statement from the Indian High Commission in UAE said.
The Indian Oil Corporation Limited (IOCL)'s payment to UAE's state-run Abu Dhabi National Oil Company (ADNOC) was made in both rupees and dirhams, the Indian embassy added.
"The first-ever crude oil transaction under the newly implemented Local Currency Settlement (LCS) took place on Monday between the
ADNOC and IOCL. The transaction involved the sale of 1 million barrels of crude oil. Both Indian Rupee and UAE Dirhams were used in the transaction," the statement read.
The development comes on the heels of Indian Prime Minister Narendra Modi's visit to Abu Dhabi last month where the two countries announced the deal.
The UAE is
India's third largest trade partner in the world, surpassed only by the United States and China. During the last fiscal, trade between the two nations
touched $85 billion, and is expected to cross the $100 billion mark in 2023-24.
The latest move is part of New Delhi's attempts at bringing down the costs of transactions by removing dollar conversions, especially in bilateral trade.
