Cryptocurrencies

    India's bid to reduce dollar dependency in oil payments faces setback amid supplier concerns

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    India's attempt to use rupees for oil payments has not been successful as suppliers expressed doubts over their ability to repatriate their funds, acknowledged the Indian Oil Ministry.

    The move was aimed at reducing India's dependency on the US dollar for settling cross-border obligations.

    However, suppliers have been concerned about the high costs of converting different currencies which adversely impacted this de-dollarisation initiative.

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