12 May 2026
India-UAE local currency settlement crosses ₹1 lakh crore
UPSC
Banking
International Relations
Economy
Summary
India and UAE bilateral trade settled in INR/AED under the local currency settlement framework crossed ₹1 lakh crore since the agreement in July 2023, reducing dollar dependency.
Why it matters
UPSC International Relations + Economy. RBI's SRVA (Special Rupee Vostro Account) system, dedollarization debate.