from Great Game India:
The Reserve Bank of India has requested the nation’s principal state-owned refiners to accept rupees for crude, starting the process of de-dollarization with Gulf exporters.
It seems that India is now seeking a similar agreement with Gulf crude exporters, four months after its government rejected efforts from Russian oil corporations to pay for Russia’s crude supplies in Chinese yuan.
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According to three executives at the processors, the Reserve Bank of India (RBI) has requested that the nation’s principal state-owned refiners pressure Persian Gulf suppliers to take at least 10% of oil payments in rupees for the upcoming fiscal year.
According to Bloomberg, as the social media company continued to lose money, Reddit filed for an IPO to go public.
As has been the general trend over the last two years, the RBI is worried that the country’s skyrocketing energy demand may weaken the rupee (India refiners must sell Rupees to buy dollars to settle the payments for their increasing heavy demand for crude).
According to the CEOs Bloomberg spoke with, India hopes to take advantage of the increase in demand by pushing its currency in foreign trade and reducing its reliance on dollars.
The executives stated that although the three refiners—Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp.—have already contacted oil exporters about the issue, the suppliers are resisting because of conversion fees and currency risk.
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