{"id":272684,"date":"2023-08-27T07:20:15","date_gmt":"2023-08-27T07:20:15","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=272684"},"modified":"2023-08-28T07:29:11","modified_gmt":"2023-08-28T07:29:11","slug":"dollar-dumped-india-just-bought-1-million-barrels-of-oil-from-the-uae-using-rupees-instead-of-usd-for-the-first-time","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=272684","title":{"rendered":"Dollar dumped? India just bought 1 million barrels of oil from the UAE using rupees instead of USD for the first time"},"content":{"rendered":"

Bethan Moorcraft \u2013 Moneywise Aug 21, 2023<\/strong><\/h1>\n

India and the United Arab Emirates (UAE) have officially started trading with each other in their local currencies.<\/p>\n

The Indian government announced on Monday that the country\u2019s leading petroleum refiner, Indian Oil Corp., used the local rupee to buy one million barrels of oil from the Abu Dhabi National Oil Company \u2014 not the U.S. dollar.<\/p>\n

This monumental transaction follows the sale of 25kg of gold<\/a> from a UAE gold exporter to a buyer in India for around 128.4 million rupees ($1.54 million), according to Reuters<\/a>.<\/p>\n

So, what could all this mean for the U.S. dollar on the world stage?<\/p>\n

Trade talks<\/strong><\/h2>\n

Last year, India\u2019s central bank revealed a new framework for settling global trade in rupees \u2014 an idea that came into fruition last month, when India is the world\u2019s third biggest oil importer and consumer signed two agreements with the UAE.<\/p>\n

First, the two giants agreed to settle trade in their local currencies \u2014 in an effort to cut transaction costs and eliminate dollar conversions. They also agreed to set up a real-time payment link to simplify cross-border money transfers.<\/p>\n

The agreements will enable \u201cseamless cross-border transactions and payments, and foster greater economic cooperation,\u201d the Reserve Bank of India explained in a recent statement.<\/p>\n

De-dollarization trend<\/strong><\/h2>\n

India and the UAE are by no means alone in trying to reduce their reliance on the dollar. Powerful nations across the world \u2014 particularly China and Russia \u2014 are keen to dethrone the dollar in response to aggressive U.S. sanctions and foreign policy plays.<\/p>\n

This trend \u2014 deemed \u201cde-dollarization\u201d \u2014 has gained such sway that some are questioning whether the dollar\u2019s days of dominance are over. But Treasury Secretary Janet Yellen said no currency currently exists that could displace the greenback<\/a>.<\/p>\n

Yellen\u2019s reassurance follows a 8% decline in the dollar\u2019s share of global reserves in 2022. In an effort to diversify, central banks worldwide have been starting to ditch their dollar reserves in favor of gold<\/a>.<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Does this mark the beginning of the end for the U.S. dollar?<\/p>\n","protected":false},"author":39262,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[58,66],"tags":[],"class_list":["post-272684","post","type-post","status-publish","format-standard","hentry","category-Current_Affairs","category-Economics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/272684","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=272684"}],"version-history":[{"count":1,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/272684\/revisions"}],"predecessor-version":[{"id":272685,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/272684\/revisions\/272685"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=272684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=272684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=272684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}