Dollar dumped? India buys 1M barrels of UAE oil using rupees instead of USD for the first time — why this could be the beginning of the end for the greenback

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 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.

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De-dollarization trend

Powerful nations around the world — particularly China and Russia — are keen to dethrone the U.S. dollar in response to aggressive American sanctions and foreign policy plays.

In August, the BRICS bloc agreed to admit Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE to its ranks. A common desire among multiple bloc members is to level a global economic playing field they feel is overreliant on the U.S. dollar.

This is part of a larger trend — deemed “de-dollarization” — that has left many 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.