First rupee payment for oil to UAE: India looks for more deals, but finds no targets
First rupee payment for oil to UAE: India looks for more deals, but finds no targets
India pushes for rupee globalisation, settling oil trades in rupees to reduce transaction costs.
Not enough trade with India to justify taking rupees.
A BRICS currency has never been more important than it is now. The foundation of the USD as a reserve currency is based on its usage in the trade of oil. With Saudi Arabia, UAE, and Iran (oil producers) and Egypt (controlling the Suez) joining BRICS, there's a real threat to US currency dominance.
If the euro doesn't really threaten US as a reserve currency, a BRICS one certainly won't. As economies diversify and become more intersectional, as has happened since ww2, the currency fluctuations are less, with increased trade. Then currency used matters less and risk is lower for both sides when non us currency is used. So, I think dollar as a currency reserve will naturally reduce over time but it's not disappearing any time soon.
Good. No need to trade oil in US dollars except with the US.
Would even be great if we had no reason to trade oil at all. But that is improbable for the foreseeable future.
Worse, projected to grow.
