Local Currency Oil Trade India
• Plan to pay for oil in local currencies (₹/dirham)
• Cuts conversion cost (~5–6%)
• May cover large share of imports (~80%)
• Trigger: high oil prices + weak rupee
• Risk: possible U.S. pushback

• Plan to pay for oil in local currencies (₹/dirham)
• Cuts conversion cost (~5–6%)
• May cover large share of imports (~80%)
• Trigger: high oil prices + weak rupee
• Risk: possible U.S. pushback

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