India & UAE Forge New Path With Local Currency Settlement System

India and the UAE have embarked on a groundbreaking initiative with the introduction of the Local Currency Settlement System (LCSS), aimed at transforming their economic relations. This system allows transactions between the two nations to be conducted in their respective domestic currencies—Indian Rupees and UAE Dirhams—thus reducing reliance on intermediary currencies like the US Dollar. The LCSS promises to significantly cut transaction costs and settlement times, fostering a more streamlined and efficient trade environment.