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Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ - Foreign Affairs - Nairaland

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Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AImiron: 12:10am On Aug 27, 2023
India and the United Arab Emirates (UAE) have officially started trading with each other in their local currencies.

The Indian government announced on Monday that the country’s leading petroleum refiner, Indian Oil Corp., used the local rupee to buy one million barrels of oil from the Abu Dhabi National Oil Company — not the U.S. dollar.

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

So, what could all this mean for the U.S. dollar on the world stage?

Trade talks

Last year, India’s central bank revealed a new framework for settling global trade in rupees — an idea that came into fruition last month, when India is the world’s third biggest oil importer and consumer signed two agreements with the UAE.

First, the two giants agreed to settle trade in their local currencies — 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.

The agreements will enable “seamless cross-border transactions and payments, and foster greater economic cooperation,” the Reserve Bank of India explained in a recent statement.

De-dollarization trend

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

This trend — deemed “de-dollarization” — has gained such sway that some are questioning whether the dollar’s days of dominance are over. But Treasury Secretary Janet Yellen said no currency currently exists that could displace the greenback.

Yellen’s reassurance follows a 8% decline in the dollar’s 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.

Source

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by TemplarLandry: 12:27am On Aug 27, 2023
cool

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by LikeAking: 12:42am On Aug 27, 2023
Change is constant.

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AllenSpencer: 1:12am On Aug 27, 2023
🤣🤣🤣🤣🤣


Russia did same and we all know where the Ruble at now!

It’s just a matter of time!

India should dump the dollar as their reserve currency and I will take them serious. 🤣🤣🤣🤣

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by cenaman(m): 4:47am On Aug 27, 2023
Which country will accept naira?

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by FuckTheMod: 4:53am On Aug 27, 2023
Beautiful!
This is real and right trading.
Not trading over useless and USA-worth-attached papers.
THE FALL OF UNITED SNAKES OF AMERICA IS EMINENT.

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by OkpaNsukkaisBae(m): 7:12am On Aug 27, 2023
Seconded

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by kristian98(m): 8:19am On Aug 27, 2023
H

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by ecolime(m): 8:20am On Aug 27, 2023
Good one. I've always supported trading in local currencies.

Nevertheless, it won't still scratch the value of the dollar. The US exports more than they import so na the balance of payment be the koko.

There is a reason why Pounds sterling GBP is strong like a rock despite not being used as the major world settlement currency like the USD.

As long as the US stay ahead of others in innovations, technologies, etc. they have nothing to worry.

A country that owns and hosts Apple, Google, Microsoft, Oracle, Boeing, GE, Amazon, Tesla, etc and you think their currency will just fall yakata?

Just dey play

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AntiChristian: 8:21am On Aug 27, 2023
Let's all dump dollars!

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Latakia(f): 8:21am On Aug 27, 2023
This is what happen when you weaponised your currency, a currency that is not backed by anything commercial except sanction grin

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by jaxxy(m): 8:22am On Aug 27, 2023
UAE doesn't use rupees and don't need it unless it can be changed to dollars.

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by SeunDAssLicker: 8:22am On Aug 27, 2023

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by sirblend: 8:22am On Aug 27, 2023
90% of the countries in the world cannot do without America....

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Alexanderobi: 8:22am On Aug 27, 2023
INDIA IS GRADUALLY GROWING INTO A HEAVY WEIGHT.
I SEE THE BRICS NATIONS CHALLENGING THE WEST

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Karleb(m): 8:22am On Aug 27, 2023
Until I knew litte about international economics, I would wonder why this was not possible in the first place..

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Nobody: 8:23am On Aug 27, 2023
Lol. Some version of this headline trends every other week.

Una no day tire? This thing is not by mouth. Let anyone drop the dollar if they want. No need to keep talking about it.

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by bowee4u: 8:23am On Aug 27, 2023
The world is seeing the raise of a new global order, the one world government, the government of the lawless one, America will have to loss the global power to emerging new powers, a world that will not be controlled by any country but united nations.

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Aolfooties(m): 8:23am On Aug 27, 2023
The journey to unseat dollar begins


Check my signature for quality made in Nigeria footwears.
Buy 2 shoes, get 1 free slide. Offer ends in 6 weeks. What's app 08111 thirty fifty 81

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Eriokanmi: 8:24am On Aug 27, 2023
Wise people. Indian currency is still way higher in value than the NGN. Maybe one day, cefa too will be used by African countries to purchase petroleum products as cefa has now become more valuable than the naira. Our leaders are so wicked. They keep deceiving their gullible followers that our naira has become so worthless because we mainly import, as if we've never been an import-dependent nation when obj, yaradua and Jonathan were in government yet, our naira was so strong.

Everyone go wise up one day when they're tired of being deceived.

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by mignone(f): 8:24am On Aug 27, 2023
Great! Very good one!
The US has cunningly turned itself into a thin God, weaponising everything it has.
Only nations with sincere leaders can get out of its entanglement.

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by PlayerMeji: 8:25am On Aug 27, 2023
Gay pride is taking a tumble

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AwokenVawulence: 8:25am On Aug 27, 2023
Av
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by descartes400: 8:26am On Aug 27, 2023
cenaman:
Which country will accept naira?

The country we trade with the most.

Nigeria should implement currency swap deals with China, Dubai, and India...we should trade less with western currencies.

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Emmastan291: 8:28am On Aug 27, 2023
Does it affect Naira in anyway
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by sharone21(f): 8:28am On Aug 27, 2023
cenaman:
Which country will accept naira?

Maybe we should start with embassies in our country and create alliances with African countries plus others across the globe that we will need things from. This will create jobs in both countries for money exchangers dealing in those currencies.

Nothing is fully wrong with Naira( permit me this English), but it gets wrong when we compare it with other seemingly powerful currencies.... Though, we need to do better. Hopefully, the new Ministers have assume office and should hit the ground running apart from Governor's in each state addressing issues to making Nigeria better.

PS: Don't know if there is a Minister for Industries as we need his impact a lot at this critical time.

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by mignone(f): 8:29am On Aug 27, 2023
cenaman:
Which country will accept naira?
When our leaders are sincere enough, we'll all see dt d Naira can indeed "go far."

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by phobia2002: 8:29am On Aug 27, 2023
India on a long thing

1 Like

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Spirit247: 8:29am On Aug 27, 2023
manoflove2:
this will be the longest night of my life chai TOSIN cry cry
cry I know how that feels. The shallow-minds abusing you here don't know because they have never experienced genuine true Love that was guaranteed to end up in Marriage and even die for you if need be. It took me almost 13 Years before I found another one like the one I lost when I was using the mumu redpill nonsense mentality. I dated many other girls in search of her type... choi, very terrible experience. Within the 13 Years, some just have Olosho deeply in their blood, some Ogbanje, some Marine, genuinely good kind-Hearted Loving Wife Material Girl is very Scarce these days. Many terrible experiences:

Anotherr girl that I almost married, about to do Wedding introduction and Engagement after getting so we'll along with her family. 2 weeks to the Intro Celebration, I woke up to a terrible Dream of seeing her leaving my side while she thought I was asleep. She entered the roof of my house only to come down through roof of another guy in another apartment and fvcked her till 5:30AM. Entered his roof and came back to sleep beside me. All the while in the Dream she thought I was sleeping, I woke up from this Dream around 1:30AM dead of the Night. I immediately started to call her number. I called 5 Times before she picked and she said "My love, I'm so tired from stress of yesterday. I will call you in the morning pls." I apologized to interfering with her Sleep and blew her a kiss because I trusted her so much. So, I cut the phone to allow her to sleep. I was shaking in disbelief! That's how I would have married someone that would have born so many Bastard Children for me to spend my Years on Earth to Train. AHAYAH ASHAR AHAYAH forbid!!!

Even though I was not BornAgain then, but I have noticed that whenever I stopped Drinking Alcohol and Smoking Indian Hemp to like 2 Weeks, any Dream I have after would I gone clean of those narcotics always happen. It's as if I watch Videos of something happing or that is guaranteed to happen. It as if those things were killing my Spirit Sight. So, immediately I remember that it was almost a month that I have not smoked or drank, I started calling her again non-stop for about 15 Times, it was a very hard Decision but I continued. To my Uttermost Shock! Someone picked the Call and I heard a very husky Angry Male Voice shouted "What is your Problem! Yes, I'm the one fvcking her and she's in my Place. Stop calling!!!" Obviously, the guy got tired of hoping their plan to deceive me would work for the night.

This was why I really became Born again and started paying attention to my Spirit Life of Purity in thoughts and Actions. I fasted for forgiveness and finally the CREATOR of Humanity gave me my own Wife, awesome blissful Life has been ours since then.

I advise that you genuinely give your Life to JESUS. Fast and Pray that HE should take Eternal Ownership of your Heart and Permanent Control of the Source of your Thoughts. After you have done that, HE would start Speaking into your Spirit. Pay Attention to Instructions and Guidance that HIS Ever Pure SPIRIT would be Speaking into your Heart. You shall not only marry alright, you shall also fulfill the Glorious Original Purpose for which I AM THAT I AM Created you.
HalleluAHAYAH ASHAR AHAYAH!!!!!!!

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by descartes400: 8:30am On Aug 27, 2023
sirblend:
90% of the countries in the world cannot do without America....

Many countries are weaning themselves from WESTERN addiction...it's a gradual process but it's already happening.

Welcome to multipolar world.

9 Likes 1 Share

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Nobody: 8:30am On Aug 27, 2023
cenaman:
Which country will accept naira?
Niger Republic!
grin

5 Likes

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