De-dollarization still a long way off, Indian minister says after BRICS talk of a common currency
Publishing timestamp: 2023-08-25 04:25:04
Summary
The article discusses the idea of "de-dollarization" in the oil market, where trades would be settled in currencies other than the U.S. dollar. However, the Indian Oil and Gas Minister believes that the U.S. dollar will remain the currency of choice for international oil transactions. While some trades have been settled in Chinese yuan, Russian ruble, or Indian rupee, the minister believes that it will be a long journey for any currency to gain the same prominence as the U.S. dollar.
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Keywords: business news, us dollar/chinese renminbi fx spot rate, dxy us dollar currency index, foreign policy, us dollar/indian rupee fx spot rate, currency markets, oil and gas, united states, us dollar / russian ruble fx spot rate, u.s. dollar, forex markets, india, new delhi,