India Junks Dollar In Crude Oil Trade; Makes Payment To Arab Partner UAE In Rupees | Details

India and the United Arab Emirates (UAE) made their first-ever historic crude oil payment in local currency. The transactions were made in Indian Rupees and UAE Dirhams for about 1 million barrels of crude oil between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL). The oil transactions were made under the newly implemented Local Currency Settlement (LCS) system. Watch this video to know more. #india #uae #rupee #dirham #localcurrencies #transaction #crudeoil #historic #landmark #indianoilcorporation #abudhabinationaloilcompany #localcurrencysettlement #dollar #dedollarisation #modi #mohamedbinzayedalnahyan Hindustan Times Videos bring you news, views and explainers about current issues in India and across the globe. We’re always excited to report the news as quickly as possible, use new technological tools to reach you better and tell stories with a 360 degree view to give you a better understanding of the world around you.