India and the UAE complete a first-time crude oil transaction using their local currencies, bypassing the US dollar.
This trade shift is part of a larger strategy developed in July, promoting trade in native currencies and slashing dollar-conversion costs.
“History in the making!” Tweeted JackTheRippler as news broke about the groundbreaking crude oil transaction between India and the UAE. In a departure from traditional methods, this trade sidestepped the US dollar, favoring the Indian rupee.
JUST IN: First ever crude oil transaction in local currency undertaken between India and UAE!
India and UAE are using Ripplenet. #XRP pic.twitter.com/sjzAR68dEZ
— JackTheRippler © (@RippleXrpie) August 15, 2023

Beyond Just Trade: The July Agreement
This isn’t just about oil. Last month, India and the UAE embarked on a broader strategy, inking an agreement that facilitates trade in their respective local currencies. The pact not only circumvents dollar conversion but also ensures that t

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