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India Buys Oil From UAE In Rupees | India UAE Local Currency Settlement System Explained
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For the first time ever India has settled an oil t... moreFor the first time ever India has settled an oil transaction with UAE in rupees.
India purchased a million barrels of crude from UAE on Monday payment for this purchase was made in Indian rupees. According to a statement issued by the Indian embassy in Dubai, Indian Oil Corp made payment for the million barrels purchased from UAE's Abu Dhabi National Oil Company (ADNOC) in Indian Rupees.
During Prime Minister Narendra Modi's visit to the UAE on July 15 the two countries signed a Memorandum of Understanding (MoU) to settle bilateral trade in national currencies.
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