India Seeks to Agree Rupee-Dirham Trade Payment Plan in January

India is working toward initial agreement on a rupee-dirham payment mechanism with the United Arab Emirates as early as January, according to people with knowledge of the matter, as the South Asian nation looks to diversify from the dollar and boost bilateral trade links.

Officials from the nations’ central banks met last week to discuss technical possibilities while their foreign ministries are driving the talks, the people said, asking not to be identified as the details aren’t public. The system will include payment for purchases of oil and gas, the people said.