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Is it bye bye US Dollar?, page-2

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DickyBeach

384 Posts.

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10/12/18

06:53

Post #: 36800859
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Originally posted by mogga ↑

Looks like India, China, Russia and others are moving away from the greenback
Gold is looking real good

Bye-bye dollar: India & UAE agree to trade in local currencies

Published time: 9 Dec, 2018 06:32
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A general view shows Dubai's cityscape © Reuters / Ahmed Jadallah

New Delhi and Abu Dhabi have inked a currency swap agreement to boost trade and investment without involvement of a third currency like the US dollar.
The swap is for an amount of two billion UAE dirham or 35 billion Indian rupees (US$495 million), according to the Indian Embassy in Abu Dhabi.
“The bilateral currency swap agreement between India and UAE is expected to reduce the dependency on hard currencies like the US dollar,” the embassy said.

https://www.rt.com/business/445987-...e6gB_mGhugC3NDIkmoD_hK53src2yLP5Y3F_rkiKQeMQY

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Probably not yet.

Two-way trade between UAE & India is around $60bn.
The USD is used in about 60% of international trading which is around 39,000 billion. 60% x 39,000bn = ~24,000bn.
60bn is about 0.25% of 24k billion.
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