The Reserve Bank of India is pushing for non-dollar trade with the United Arab Emirates, sources told Reuters.
A trader counts new 2,000-rupee notes at a wholesale vegetable market in Bangalore, IndiaIndia's central bank is asking lenders to promote local currencies when trading with the UAE, Reuters reported.It comes after India purchased 1 million barrels of oil from the UAE using rupees.
A central bank official delivered the message to foreign exchange dealers during a seminar this month, Reuters said. The request from the central bank comes as India and the UAE have set themselves on a de-dollarization path.
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