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UAE and India sign currency swap agreement

Reuters  |  ABU DHABI 

(Reuters) - and the on Tuesday signed a agreement in a further sign of advancing strategic cooperation between the two countries.

The agreement will enable businesses from both countries to trade in each other's currencies without the dollar or other international currencies.

Officials of the two central banks agreed the deal, which involves the Indian rupee and the UAE dirham, said a statement by the

The agreement was signed after the 12th India-UAE joint commission meeting co-chaired by India's minister, and the UAE's Foreign Minister, Sheikh in

Bilateral trade between the two countries stood at around $52 billion in 2017, according to figures from the in the UAE. In 2015, China's central extended a agreement with the UAE Central

(Reporting by Stanley Carvalho; Editing by Matthew Mpoke Bigg)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 20:27 IST