First rupee payment for oil is made by India to UAE
Current Hunt Team
First rupee payment for oil is made by India to UAE.
India made its first payment to the UAE for the purchase of crude oil in rupees.
In July, India and UAE signed an agreement for the rupee settlement.
Earlier, the Indian Oil Corporation (IOC) made payments for the purchase of a million barrels of crude oil from Abu Dhabi National Oil Company (ADNOC) in Indian rupees.
Reserve Bank of India has allowed more than a dozen banks to settle trades in rupees with more than 18 countries.
India has been encouraging big oil exporters such as the UAE and Saudi Arabia to accept the Indian currency for trade settlements.
The internationalization of the rupee will help reduce the demand for the dollar and make the Indian economy less vulnerable to global currency shocks.
India meets 85% of the demand for oil from imports.
