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RBI nudges local banks to settle UAE trades in rupee

August 22, 2023

RBI nudges local banks to settle UAE trades in rupee

India’s central bank is nudging local banks to ask their clients to settle trade between the United Arab Emirates and India using the dirham (AED) or Indian rupee (INR) to reduce U.S.-dollar-based transactions, five sources told Reuters.

The move is part of the Reserve Bank of India’s broader aim of promoting settlement in local currencies with countries with which India has a trade deficit, with the knock-on effect of boosting the rupee’s global reach, three banking sources said.

India’s trade deficit with the UAE was $21.62 billion in 2022/23, or 8.2% of its total deficit, government data shows. In July, the two countries agreed to facilitate trade in rupees instead of dollars.

The idea, a government source said, was to reduce the outflow of dollars on account of this trade deficit.

“The RBI has asked banks to encourage clients and corporates to initiate INR-AED trades gradually, instead of using the dollar,” said a treasury official at a private bank.

An RBI official communicated this message verbally to foreign exchange dealers at a seminar this month, four sources said. This communication has not been previously reported.

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