Well, this is not ideal.....India makes first crude oil payment to UAE in Indian rupees

[1srelluc]

India makes first crude oil payment to UAE in Indian rupees

India and the United Arab Emirates have started settling bilateral trade in their local currencies with India's top refiner making payment in rupees for purchase of a million barrels of oil from the Middle Eastern nation, the Indian government said on Monday.

www.reuters.com

India and the United Arab Emirates have started settling bilateral trade in their local currencies with India's top refiner making payment in rupees for purchase of a million barrels of oil from the Middle Eastern nation, the Indian government said on Monday.

Indian Oil Corp (IOC.NS) made payment to Abu Dhabi National Oil Company (ADNOC), according to a statement issued by Indian embassy in UAE.

The transaction comes after one involving the sale of 25 kg gold from a UAE gold exporter to a buyer in India at about 128.4 million rupees ($1.54 million).

India in July signed an agreement with the UAE allowing it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions.

During a visit by Indian Prime Minister Narendra Modi to the UAE, the two countries also agreed to set up a real-time payment link to facilitate easier cross-border money transfers.

Bilateral trade between India and UAE was $84.5 billion in 2022/23.

India is keen to push similar local currency arrangements with other countries, as it looks to boost exports amid slowing global trade.

More fail on the world stage.

Getting spicy, alliances are forming. I think BRICS meets next week.

Everyone is jockeying for the best seats at the table.... A table that we may not be sitting at the head of much longer.

 

[Moonglow]

They will enjoy losing the value with the exchange cost.

 

[Moonglow]

"The real issue is the U.S. government's increasing use of the dollar as a tool for financial sanctions," he says.

 

[Moonglow]

The debt ceiling crisises are undermining confidence in our currency.

 

[Moonglow]

 

[cnm]

They will enjoy losing the value with the exchange cost.

???

 

[Moonglow]

???

What is the currency exchange rate?


The currency exchange rate is the value of one country's currency relative to another country's currency. Exchange rates fluctuate 24/7.

 

[Moonglow]

1 Indian Rupee equals

0.012 United States Dollar,



The United Arab Emirates dirham (AED) is the currency of the United Arab Emirates. One dirham is divided into 100 fils. The United Arab Emirates dirham is pegged to the US dollar at the exchange rate of 1 USD = 3.6725 AED. The United Arab Emirates (UAE) is ranked second in the Gulf Cooperation Council (GCC).
https://www.oanda.com/currency-conv...Emirates (UAE,Gulf Cooperation Council (GCC).

AED | United Arab Emirates Dirham - OANDA​

https://www.oanda.com/currency-conv...Emirates (UAE,Gulf Cooperation Council (GCC).
What will be the loss of exchanging a lower valued currency for a higher-valued currency?

 

[The Irish Ram]

They are making the dollar obsolete. And while I love gold, What to do with it? You won't be able to buy or sell with it, or use it as legal tender once CBDC is implemented. How do you barter with it, unless what you want is exactly what that gold coin or bar is worth. Because you won't be getting any "change" back.
And what do you do with the dollars in your savings account before it has the same value as Confederate money did at the end of the Civil War?

 

[cnm]

What is the currency exchange rate?

What has that to do with losing value? The exchange rate stipulates equivalent values, Shirley? What is this exchange cost of which you speak?