India, UAE in talks for rupee-dirham denominated bilateral trade
The Ambassador said the talks started on September 1, 2022.
"Both countries find this beneficial. India has shared a concept paper with UAE. Central Banks of both countries are discussing. The objective is to reduce the transaction cost," the Indian Ambassador to UAE said.
This development followed the Reserve Bank of India's (
It is widely believed if the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run.
A currency can be termed "international" if it is widely accepted worldwide as a medium of exchange.
In the report, SBI Research said the Reserve Bank of India (RBI) should make a conscious effort to internationalise the Indian currency rupee amid disruptions in payments caused by the ongoing Russia-Ukraine war.
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