Bigger India
India, UAE To Drop US Dollar Trade And Revert To Own Currencies
The swap is for an amount of two billion UAE dirham or 35 billion Indian rupees (US$495 million), according to the Indian Embassy in Abu Dhabi.
In a growing trend of deleveraging trade from the US dollar and the associated US controlled global payments system, India and the United Arab Emirates (UAE) have signed a currency swap agreement to boost trade and investment without the involvement of the US dollar.
The swap is for an amount of two billion UAE dirham or 35 billion Indian rupees (US$495 million), according to the Indian Embassy in Abu Dhabi.