India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE

• India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars.
• The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company.
• Nations including India, Russia, and other BRICS members have been pushing to de-dollarize.

The dedollarization trend moved one step further this week as India’s top oil refiner used a local currency to settle an oil trade with a seller in the United Arab Emirates.

Indian Oil Corp ditched the greenback and used rupees to purchase 1 million barrels of oil from Abu Dhabi National Oil Company, the Indian embassy in the UAE said Monday, according to a Reuters report.