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India-UAE trade pact: Step towards de-dollarisation?
India and the UAE have signed a currency agreement allowing the use of the rupee and dirham for cross-border trade. The move marks a significant milestone and could pave the way for more bilateral currency agreements signalling the potential internationalisation of the Indian rupee. The decision reflects a broader trend of emerging economies seeking to reduce reliance on the US dollar, questioning its supremacy as the world's default currency.
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