India, UAE agree to ditch US Dollar and use local currencies in bilateral trade
17 July 2023; MEMO: India and the UAE have signed an agreement to start using a rupee-dirham payment mechanism to settle cross-border trade, following Prime Minister Narenda Modi's visit to Abu Dhabi yesterday. An agreement was also signed to link their fast payment systems, namely the Unified Payments Interface (UPI) of India with the Instant Payment Platform (IPP) of the UAE.