Trade between India and the UAE for gold is being settled in rupees, according to an official with knowledge of the matter.
Gold is among other commodities, which are traded with UAE, that utilise the rupee settlement as a payment mode, the official quoted above said, while speaking on the condition of anonymity.
In July 2022, the Reserve Bank of India decided to allow the settlement of India’s international trade in rupee.
December trade data showed that import of gold, in particular, witnessed a 156% YoY jump, as compared with the same period last year. In December itself, it came up to $3.02 billion. The export of gems and jewellery…
