India's efforts to internationalize the rupee by allowing importers to pay for crude oil in rupees have faced challenges. Despite the Reserve Bank of India's move to enable oil payments in rupees, sellers have shown reluctance. A parliamentary report revealed limited interest in the Indian rupee for oil transactions. Meanwhile, the rupee's performance has been influenced by various factors, including oil prices, dollar demand, and forward premiums. China and Saudi Arabia have also made a significant move by signing a 50bn Yuan currency swap, bypassing the US dollar for trade, allowing China to purchase oil outside the US-controlled financial system.
Rupee edges lower due to dollar demand from foreign banks https://t.co/DLtSTH4yb0 https://t.co/ryVYuB8HL8
Rupee gauges rally in oil prices, broadly softer dollar https://t.co/tb8N34Hzaz https://t.co/xm24XjDh5k
JUST IN: 🇨🇳 🇸🇦 China & Saudi Arabia ditch US dollar to sign a 50bn Yuan currency swap for trade. This allows China to start buying oil outside US controlled financial system. 👀 https://t.co/kHmjEDEwJI
🔥 On India paying in rupee for oil: This should put an end to all the nonsense that was circulating on Social Media. #India #Oil "A parliamentary standing committee report, tabled in Parliament last week, stated that there were not many takers for Indian rupee." https://t.co/k38vDScdPm
Rupee flat, forward premiums up on rising Fed rate cut bets https://t.co/X10KacefkO https://t.co/v5SM8n9EyQ
Rupee may weaken despite broadly positive Asian cues https://t.co/O6XQtWnCEa https://t.co/0WArl12lLq
India wanted to ditch the US dollar and buy oil in rupees. No seller wanted to get involved. https://t.co/PqCRaSbakI
"The default payment currency for all contracts for import of crude oil is US dollar as per the international trade practice. However, in a bid to internationalise the Indian currency, the Reserve Bank of India on July 11, 2022 allowed importers to pay with rupees and exporters…
India's push to internationalize the rupee is misfiring, with the oil market giving it the cold shoulder https://t.co/fcof1MdNl7