Iran Press/ Middle East: With Prime Minister Narendra Modi visiting Abu Dhabi, India and the United Arab Emirates (UAE) on Saturday inked agreements to start trade settlement in their respective national currencies – Rupee and Dirham – as well as to link their fast payment systems to make international financial interactions simpler.
The Local Currency Settlement System (LCSS) will permit payment from exporters and importers in their respective local currencies, Indian Rupee (INR) or UAE Dirham (AED).
This move will also further enable the development of an INR-AED foreign exchange market.
At present, India pays for UAE oil in dollars. 219
