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India bought oil from the UAE using rupees instead of USD for the first time
- hunglee2 3y agowhat is the big deal here - countries doing bilateral trade in the currency of their choice. Seems like a slow news day
- dazc 3y agoOil is usually traded in USD, regardless of which countries are buying or selling. It's a big deal.
- dredmorbius 3y ago"Understanding the Correlation Between Oil and Currency" (2022) <https://www.investopedia.com/articles/forex/092415/oil-currencies-understanding-their-correlation.asp https://www.investopedia.com/articles/forex/092415/oil-curre...> Dollarised oil payments system, US dollar as global reserve currency, balance-of-payments, US access to global credit, control and centralisation over international payments systems such as SWIFT. Non-dollarised oil payments arise every few years, and usually seem to rapidly become less attractive to all parties. The US is seen as having a strong interest in preventing widespread emergence.