India’s De-Dollarization Push Flounders as Oil Suppliers Cite Rupee Repatriation Concerns

The Indian Oil Ministry recently acknowledged that the country’s push to pay for oil with rupees has failed because suppliers are not sure if they will be able to repatriate their funds. The decision is intended to help diminish India’s reliance on the U.S. dollar when settling its cross-border obligations. High Transactional Costs of Converting…