For the first time, India has paid UAE in rupees to buy crude oil.

For the first time, India has paid UAE in rupees to buy crude oil.

Daily Current Affairs   /   For the first time, India has paid UAE in rupees to buy crude oil.

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Category : Business and economics Published on: December 28 2023

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  • Recently, for the first time, India has paid UAE in rupees to buy crude oil.
  • India had signed an agreement with UAE in July 2023 for payment in rupees.
  • Now Indian Oil Corporation has paid to buy 10 lakh barrels of crude oil from Abu Dhabi National Oil Company in Indian Rupees.
  • This is a historic step taken by India to promote the local currency globally.
  • The move is part of India's broader efforts to diversify oil suppliers, cut transaction costs and establish the rupee as a viable trade settlement currency.
  • This initiative comes as part of the Reserve Bank of India's decision on July 11, 2022, to allow importers to make payments in rupees and exporters to receive payments in local currency.
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