India's Rupee Struggles to Gain Traction for International Trade
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India convinced 22 countries to accept the Rupee for trade and ditch the US dollar, but now most are unwilling to keep Rupee reserves as the currency declines vs the dollar.
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Countries now prefer to use the US dollar, Euro, Pound, Chinese Yuan, Japanese Yen or UAE Dirham over the Rupee for payments.
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India received a reality check when Russia paused oil shipments to India over its refusal to pay in Chinese Yuan as requested.
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Russia demands part payment in US dollars or Chinese Yuan, not Rupees, showing the difficulty India faces in sidelining the US dollar.
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India's idea of getting countries to ditch the US dollar for trade is proving impossible as even BRICS partner Russia demands dollars or Yuan.