India Pushing Rupee In Oil Trade

For the first time ever, Indian Oil Corp. has purchased oil from the Abu Dhabi National Oil Company and settled using Indian rupees. The company bought one million barrels of crude from UAE and paid in rupees instead of the U.S. dollar as India tries to push the rupee as a trade instrument in the international markets. India's central bank has been urging local banks to request their clients to settle trades between the United Arab Emirates and India using the dirham (AED) or Indian rupee (INR) in a bid to lower U.S.-dollar-based transactions The…