India and UAE Agree to Major Oil and Gold Deals in Rupees, Bypassing US Dollar

India and UAE agreed on a landmark 1 million barrel oil deal conducted entirely in Indian rupees, ditching the US dollar.
This oil deal followed another major transaction between the countries - UAE exported 25kg of gold to India worth $1.54 million.
BRICS countries like India continue efforts to promote trade in local currencies over USD.
India's central bank developed a framework to allow India's international trade in rupees rather than dollars.
This aligns with BRICS goals to reduce reliance on the US dollar as a global reserve currency.

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Relevant topic timeline:

8/21/2023

Exclusive: India cenbank nudges banks to settle UAE trades in rupee, dirham -sources

India's central bank is urging local banks to encourage trade settlements between the United Arab Emirates and India using the dirham or Indian rupee instead of the U.S. dollar, as part of an initiative to promote the use of local currencies and reduce the trade deficit with the UAE.

8/21/2023

BRICS Expansion Projected To Reduce 90% Of USD Oil Sale Settlements

The inclusion of oil-producing countries like Saudi Arabia and the UAE into the BRICS alliance could lead to 90% of the world's oil trade being settled in local currencies instead of the USD, potentially triggering a shift away from the U.S. dollar and impacting the global finance system.

8/28/2023

Why the India-UAE deal to trade in local currencies matters

India and the UAE have agreed to settle bilateral trade in their own currencies, a move that is expected to strengthen economic relations and boost exports for India. The agreement aims to lower transaction costs and reduce uncertainty caused by fluctuating exchange rates, benefiting both countries and de-risking their dependence on reserve currencies.

8/29/2023

BRICS Member Admits US Dollar Will Remain Dominant

India has recently entered into a historic oil deal with the UAE, marking a significant move away from the US dollar; however, Indian Oil and Gas Minister Hardeep Singh Puri believes that de-dollarization is not yet taking hold and that the US dollar's dominance remains unchallenged.

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Posted 9/19/2023, 4:30:27 PM

India and UAE Agree to Major Oil and Gold Deals in Rupees, Bypassing US Dollar

India and UAE agreed on a landmark 1 million barrel oil deal conducted entirely in Indian rupees, ditching the US dollar.
This oil deal followed another major transaction between the countries - UAE exported 25kg of gold to India worth $1.54 million.
BRICS countries like India continue efforts to promote trade in local currencies over USD.
India's central bank developed a framework to allow India's international trade in rupees rather than dollars.
This aligns with BRICS goals to reduce reliance on the US dollar as a global reserve currency.

watcher.guru

Relevant topic timeline:

8/21/2023

Exclusive: India cenbank nudges banks to settle UAE trades in rupee, dirham -sources

8/21/2023

BRICS Expansion Projected To Reduce 90% Of USD Oil Sale Settlements

8/28/2023

Why the India-UAE deal to trade in local currencies matters

8/29/2023

BRICS Member Admits US Dollar Will Remain Dominant