India ‘shakes dominance of the dollar’ stimulating rupee in trade – 09/03/2023 – Nelson de Sá

By Indians like Zee News (image below) and Firstpost, “Eight countries open special accounts in six months, to trade in Indian rupee”, no longer in dollars. Among them, Germany, Israel and some close to China such as Singapore and Myanmar, but not China itself.

In the description of the second, “India has sought to promote the use of the rupee for settlement in trade with other countries after sanctions were imposed by the West with the Russia-Ukraine war”.

In the Deccan Herald, “Foreign rupee trade reduces dependence on foreign exchange, especially the US dollar.” 49 special accounts have already been opened by foreign banks, and more “are awaiting approval”.

From the Indian Commerce Secretary in Business Standard: “Initially we focused on Russia because they were facing sanctions, but now we are talking to several. We have discussions with African and Gulf countries. They are also interested.”

TURBILLION OF SANCTIONS

Subsequently, the western agency Reuters dispatched the extensive report “India’s oil agreements with Russia shake the dollar’s decades-long dominance”, describing in the text:

“Indian trade, in response to the sanctions vortex, is the strongest evidence yet of a shift to other currencies that could be lasting. [o Ocidente] imposed a price cap, most Indian purchases were in currencies other than the dollar, including the UAE dirham and the Russian ruble.”

According to The Hindu and others, alternatives to the US currency are also being sought by India for the acquisition of military equipment from Russia, especially the S-400 air defense systems, ordered for US$ 5.43 billion five years ago.

After some delays, due to sanctions also on transport, the “rupee-ruble method” was adopted, with the delivery of the first three systems. And now it is reported that the last two will be delivered in early 2024.

PRESENT LINK: Did you like this text? Subscriber can release five free hits of any link per day. Just click the blue F below.