Posted 12/28/2023, 6:32:03 PM
India Makes Landmark Rupee Payment to UAE for Oil Imports, Furthering BRICS Efforts to Challenge Dollar Dominance
- India made its first ever local currency payment to the UAE for oil, settling the trade in rupees instead of US dollars
- This is part of BRICS nations' efforts to diminish the dominance of the US dollar in international trade
- The UAE was one of 5 new nations welcomed into BRICS during the 2023 annual summit
- India has spent $157.5 billion on imported oil so far, with this rupee payment being part of that total spend
- This bilateral trade deal furthers the rupee's emergence as a recognized trade settlement currency
