India and Indonesia have agreed to use their local currencies in bilateral trade amid a spreading trend of de-dollarization in countries across the globe weary of the negative impact of the greenback’s fluctuations.
According to a senior Indian government official cited by US financial media on Monday, Delhi and Jakarta plan to settle bilateral transactions in local currencies.
The two heavily-populated countries also plan to link up their fast payment systems.
The agreements take place as India signed a similar pact with the United Arab Emirates over the weekend, which will see more trade done in the national currencies of the two countries, rupees and dirhams.
