2024

Rupee

Yuan

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 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> had convinced 22 countries to accept the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> for international trade and ditch the US dollar. The majority of the countries hail from Asia, Africa, Latin America, and the global south. <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> also opened special Vostro bank accounts to make it easier to settle payments in their local currency, the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a>. All the 22 countries had signed the agreement to trade a part of goods in the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> and sideline the US dollar.</p>
 <p><strong>Also Read: Russia Makes Huge Announcement On New BRICS Expansion</strong></p>
 <p>However, things are not going as planned for India as the majority of countries are now unwilling to keep the Rupee as reserves. India finds no takers for the Rupee as the currency is declining against the US dollar. Hoarding the Rupee in reserves serves no purpose, as the demand for the currency lacks strength in the global market.</p>
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 <p>The default payment is now either the US dollar, Euro, Pound, Chinese Yuan, Japanese Yen, or UAE’s Dirhams. The Rupee is finding no seat at the table, making the idea of ditching the US dollar impossible.</p>
 <p><strong>Also Read: 25 New Countries Ready To Join BRICS in 2024</strong></p>
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 <h2 class="wp-block-heading" id="h-brics-india-finds-no-takers-for-rupee-us-dollar-amp-chinese-yuan-in-demand">BRICS: India Finds No Takers For Rupee, US Dollar, &amp; Chinese Yuan in Demand</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="802" src="https://cdn.thebittimes.com/images/2024/01/05/9dad7e4486428b351e0411be6742ca91.webp" alt="India China USA America flags countries brics gdp" class="wp-image-112936" srcset="https://cdn.thebittimes.com/images/2024/01/05/9dad7e4486428b351e0411be6742ca91.webp 1024w, https://cdn.thebittimes.com/images/2024/01/05/9dad7e4486428b351e0411be6742ca91.webp 300w, https://cdn.thebittimes.com/images/2024/01/05/9dad7e4486428b351e0411be6742ca91.webp 768w, https://cdn.thebittimes.com/images/2024/01/05/9dad7e4486428b351e0411be6742ca91.webp 380w, https://cdn.thebittimes.com/images/2024/01/05/9dad7e4486428b351e0411be6742ca91.webp 550w, https://cdn.thebittimes.com/images/2024/01/05/9dad7e4486428b351e0411be6742ca91.webp 800w, https://cdn.thebittimes.com/images/2024/01/05/9dad7e4486428b351e0411be6742ca91.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>India received a reality check from its own BRICS counterpart, Russia, after it paused oil trade for not receiving payments in the Chinese Yuan. Russia has made it clear that it accepts a part of the US dollar and the Chinese Yuan and not the Rupee for settlement. A large shipment of Russian Sokol crude oil to Indian Oil Corp is delayed due to payment in currency problems.</p>
 <p><strong>Also Read: 5 U.S. Sectors To Be Affected If <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Ditches the Dollar For Trade</strong></p>
 <p>The Indian government is disinterested in using the Chinese Yuan as payment and advised the IOC to pay Dirhams instead. BRICS member Russia has not budged and asked India to pay a part in the US dollar or the Chinese Yuan.</p>
 <p>The development had led to crude <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> shipments being paused with no transactions taking place. <strong>“The supplier has an intent to deliver crude <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a>. Hopefully, a solution will be found soon,”</strong> a source said to Economic Times.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>crude oil</li>
  <li>India</li>
  <li>INR</li>
  <li>Oil</li>
  <li>Rupee</li>
  <li>Russia</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-india-gets-reality-check-ditching-us-dollar-becomes-impossible-tbt75635.html">https://thebittimes.com/brics-india-gets-reality-check-ditching-us-dollar-becomes-impossible-tbt75635.html</a></p>

BRICS: India Gets Reality Check, Ditching US Dollar Becomes Impossible

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