India Junks Dollar In Crude Oil Trade; Makes Payment To Arab Partner UAE In Indian Rupee | Details

India and the United Arab Emirates (UAE) made their first-ever historic crude oil payment in local currency. The transactions were made in Indian Rupees and UAE Dirhams for about 1 million barrels of crude oil between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL). The oil transactions were made under the newly implemented Local Currency Settlement (LCS) system. Watch this video to know more.