DUBAI: In a historic decision, India and UAE have decided to stop using US Dollars for all trade-related activities and directly trade in INR and Dirham, which is the official currency of UAE.
Businesses involved in export and import of goods and services between these two countries are expected to benefit hugely due to this agreement.
Traditionally, export and import between nations have been done using US Dollar, to keep uniformity and consistency in the prices, and for payments. But now, things will change for India and UAE.
Earlier this month, when PM Modi had visited UAE, this was one of the agreements which both countries had agreed on. Yesterday, this agreement was cemented. India’s Ambassador to the UAE, Navdeep Suri confirmed this development, when he said,
