India And The UAE Close First Oil Deal In Rupees ...Middle East

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India And The UAE Close First Oil Deal In Rupees
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Authored by Michael Maharrey via SchiffGold.com, In another blow to dollar dominance, India and the United Arab Emirates settled an oil trade without converting local currencies to dollars for the first time on Monday, as India’s top refiner made a payment for oil in rupees. Indian Oil Corp. bought a million barrels of oil from Abu Dhabi National Oil Company in a dollar-free transaction. The oil sale was the first after the two countries entered a Memorandum of Understanding (MoU) in July. The deal established the Local Currency Settlement…

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