Dollar dumped? India just bought 1 million barrels of oil from the UAE using rupees instead of USD for the first time — why this could mean doom for the greenback

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.

#finance #economy