India & UAE Forge New Path With Local Currency Settlement System To Reshape Economic Relations

India & UAE Forge New Path With Local Currency Settlement System To Reshape Economic Relations

Daily Current Affairs / India & UAE Forge New Path With Local Currency Settlement System To Reshape Economic Relations

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Category : Miscellaneous Published on: June 17 2024

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The Local Currency Settlement System (LCSS) between India and the UAE is designed to streamline trade processes by allowing transactions to be conducted directly in Indian Rupees and UAE Dirhams.
This system eliminates the need for conversion into US Dollars, thus reducing transaction times and associated costs, and simplifying the trade process for businesses in both countries.
By reducing dependency on the US Dollar for bilateral trade, the LCSS initiative enhances economic stability for both India and the UAE.
It mitigates risks related to dollar exchange rate fluctuations, thereby providing a more stable trading environment.
This move is also seen as a step towards greater financial independence and stronger economic ties between the two nations.

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