On December 26, the US Business Insider said that India's plan to buy rupees has been frustrated, and its partners are still unwilling to accept payments in rupees.
India's Ministry of Oil and Natural Gas said that in the 2022-2023 fiscal year, India did not have a single import oil transaction settled in rupees.
Most of the world's oil** traders still refuse to accept rupee payments, citing limited global acceptance of the rupee, which will lead to increased foreign exchange risk and high transaction costs. India reportedly made its first payment to the UAE in rupees on Aug. 14, when the country's main refiner, Indian Oil Corp., bought 1 million barrels of oil from Abu Dhabi National Oil Company in rupees.
In addition, India reported in April that India is also planning to trade with Malaysia in rupees.
However, the top merchants, including Abu Dhabi National Oil Company, continued to express their concerns about settlements in rupees to the Indian authorities.
India's aggressive push for the internationalization of the rupee is also seen as part of its "de-dollarization" efforts, with India** also saying that the internationalization of the rupee is a process that cannot be achieved overnight, and that more transactions may be settled in rupees in the future, but they say there is no clear target.
Editor: Yin Zi).