Major countries are taking decisive steps to abandon the dollar

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major countries are taking decisive steps to abandon the dollar
major countries are taking decisive steps to abandon the dollar

Recently, India has been making significant efforts to reduce its reliance on the US dollar and strengthen the position of its local currency on the global stage. As part of this initiative, India has signed a deal with the UAE that enables commercial transactions to be settled in rupees rather than US dollars. This move is expected to help India reduce its dollar dependence and promote the use of its own currency in international trade.

Meanwhile, India and Indonesia have agreed to settle bilateral transactions in local currencies and link their fast payment systems, as per an Indian government official. It is a significant move that will strengthen their economic ties and make cross-border transactions easier and more efficient. Additionally, India also maintains a good relationship with the United Arab Emirates, which has resulted in increased investment and trade between the two countries.

India and the UAE are expected to announce a new payment mechanism for bilateral trade settlement during Prime Minister Narendra Modi’s visit to Abu Dhabi. The mechanism will allow for the exchange of rupees and dirhams.The move reinforces India’s efforts to reduce transaction costs by reducing remittances in dollars.

The two countries agreed to establish an instant payment mechanism to simplify cross-border money transfers during Indian Prime Minister Narendra Modi’s visit to the UAE.