Why is the Indian Rupee in Danger? : Geopolitical case study

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VIDEO INTRODUCTION:

On 11th of July 2022, the Reserve Bank of India a made very very bold announcement whereby domestic traders could settle their imports and exports with Indian Rupees!! This was a very very big deal because India could trade directly with Russia without depending on the American banks!! So in spite of the rising oil prices, we could buy discounted oil from Russia in Indian Rupees. and as citizens of India, we were delighted to see this because we saw this as a gesture of India bravely standing against the West and a giant leap to take the Indian Ruppe Global!!! But exactly 1 year later, there is something unpleasant that came to our notice!! Turns out this strategy has failed to an extent where Now Indian traders are buying Russian oil not just with dollars and dhiram but even with the Chinese Yuan!! Yes, you heard that right, Indian Oil Corp which is India’s biggest buyer of Russian crude oil, became the first state refiner to pay for some Russian purchases in yuan. and At least two of India’s three private refiners are also paying for Russian imports in yuan.
and as much as it is important to appreciate and celebrate the good moves by India, it is equally important to follow up on them and see if there is a tangible output coming out it!!!

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✅Study Materials:

https://thediplomat.com/2023/05/end-of-the-road-for-india-and-russias-rupee-ruble-trade/

https://businessindia.co/magazine/russias-rupee-problem

https://www.outlookindia.com/business/rupee-as-global-currency-what-is-stopping-india–news-292696

https://www.businessinsider.in/policy/economy/news/russia-doesnt-know-what-to-do-with-the-1-billion-in-rupees-it-is-amassing-in-india-each-month/articleshow/100676904.cms

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