In mid August, India made its first crude oil payment to the United Arab Emirates (UAE) in Indian rupees, marking a significant shift away from the dominance of the U.S. dollar in international trade. This move comes as part of a broader trend where a growing coalition of nations is seeking to conduct global trade in their local currencies.
This groundbreaking transaction follows a recent deal involving the sale of 25 kilograms of gold (55 lbs) from a UAE gold exporter to an Indian buyer, amounting to approximately 128.4 million rupees ($1.54 million).
Does this lead to decrease demand of the Dollar and thus it's value?
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