New Delhi / WAM
The UAE and India have reached a historic agreement which will enable businesses on both sides to bypass the US Dollar or any other foreign currency and trade directly in UAE Dirhams and the Indian Rupee. The agreement will mean large savings for business communities on both sides as trade between the UAE and India soars to new highs.
India’s Ambassador to the UAE, Navdeep Suri, said that this is in addition to the agreements and memoranda of understanding which were signed during Prime Minister Narendra Modi’s two-day visit to Abu Dhabi and Dubai.
“There were two other agreements that have been finalised. One is a currency swap agreement where India and UAE — it is an agreement between the two Central Banks — and the agreement has been completed and it is going to be exchanged through letters.