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In an effort to boost bilateral trade and reduce reliance on the US dollar, India has settled its first-ever crude oil payment to the United Arab Emirates (UAE) in local currency.
The deal was facilitated under the ‘local currency settlement’ (LCS) system between state-owned Abu Dhabi National Oil Company and the Indian Oil Corporation. The deal is the second transaction under the LCS. The first deal took place in July, and involved the sale of 25kg of gold from a leading UAE gold exporter to a buyer in India.