(MENAFN) New Delhi and Abu Dhabi have signed a currency exchange agreement to enhance trade and investment without participation of a third currency like the U.S dollar.
The exchange is for a worth of two billion UAE dirham or 35 billion Indian rupees (USD495 million), according to the Indian Embassy in Abu Dhabi.
The embassy stated, "The bilateral currency swap agreement between India and UAE is expected to reduce the dependency on hard currencies like the US dollar".
The embassy added, "It is also expected to give a push for the local currencies of the two nations and may reduce the impact of volatility in exchange rate arising from the dependency on a third currency. It is also expected to reduce the transmission costs arising from exchange rate risk".
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