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India and UAE make landmark move to settle crude oil transactions in national currencies

India and UAE make landmark move to settle crude oil transactions in national currencies

They Tested it with Gold First

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Aug 18, 2023
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India and UAE make landmark move to settle crude oil transactions in national currencies
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One of the first transactions between the two countries using national currencies involved a sale of 25 kilograms of gold from a prominent UAE gold exporter, invoiced at approximately Rs 128 million ($1.5 million).

New Delhi, India Written By: Sidhant Sibal

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