“Internationalisation of Indian rupees is possible despite challenges”, First Post, January 18, 2024:
“Recently India has made its first-ever payment in rupees to the United Arab Emirates (UAE) for crude oil acquisition. This measure is being hailed as a significant effort to encourage the use of the Indian currency, the rupee, in bilateral trade.
This will hasten the process of the rupee becoming an internationally recognised currency while also contributing to a decrease in demand for the dollar. Additionally, it will protect the Indian economy from global monetary disturbances. Also, this process of internationalising the rupee reduces the need for foreign exchange reserves.
According to media reports, public sector oil company Indian Oil Corporation (IOC), has made payment in Indian rupees for the acquisition of 1 million barrels of crude oil from Abu Dhabi National Oil Company (ADNOC)…..”
Read the full article at Firstpost.com
