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A man counts Indian rupee banknotes in Varanasi, Uttar Pradesh, India.
A man counts Indian rupee banknotes in Varanasi, Uttar Pradesh, India.

Dhiraj Singh/Bloomberg

  • India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars.
  • The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company.
  • Nations including India, Russia, and other BRICS members have been pushing to de-dollarize.

The dedollarization trend moved one step further this week as India's top oil refiner used a local currency to settle an oil trade with a seller in the United Arab Emirates.

Tags
Markets, MI Exclusive, Rupee, Dollar, dedollarization, dollar war, Greenback, Oil, Trade, UAE, India, oil exports, Gold, bilateral trade
Source
India just ditched the dollar and used its own currency to buy a million barrel…