![]() It involved the sale of 25 Kg Gold from a leading UAE gold exporter to a buyer in India invoiced at approx 12.84 crore Rupees. 53.9301 AUD0.00 CAD / INR 61.7260 CAD0.00 CHF / INR 94.6053 CHF0.00 CNH / INR 11.4900 CNH0.42 SEK / INR 7.6748 SEK0.00 NZD / INR 49.6495 NZD0. While today’s oil transaction was the second major transaction under the LCS, the first transaction took place on 15th July, the day of the exchange of the MoU. ![]() LCS is likely to have a transformational impact not only on the bilateral economic relationship but in larger economic engagements across the world, the press release from the Indian Embassy in UAE said. UAE Dirham Buying Rate Today In India Hyderabad, 23.15, 22.85 Kolkata, 23.02, 22.85 Pune, 23.4, 22.86 Ahmedabad, 23.15, 22.85. Further, the surplus balance in local currencies can be used for investing in local currency assets like corporate bonds, Government securities, equity markets etc. Traders can choose the payment currency based on mutual agreement. This will further add to the preferential terms accruing from CEPA. This is India’s first-ever LCS and is expected to reduce transaction costs and time and increase reliance on local currencies. The LCS mechanism has been established under the historic Memorandum of Understanding (MoU) on the establishment of a framework mechanism for using local currencies for cross-border transactions exchanged on 15 July 2023 in the presence of Prime Minister Narendra Modi (PM) and Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi. Last year, USD 35.10 billion worth of petroleum products were traded between the two countries, accounting for 41.4 per cent of total bilateral trade, the release said. ![]() UAE is the fourth largest source of crude oil and the second largest source of LNG and LPG for India.
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