India and the UAE Transact First Oil Sale in Rupees: Why This Could Spell Doom for the Petrodollar

India bypassed the U.S. dollar in a recent trade with the UAE, raising questions about the dollar’s declining global dominance. Indian Oil Corp. purchased 1M barrels of oil from the UAE using rupees, signaling a shift from standard dollar-based transactions. As nations like China and Russia also seek alternatives to the dollar, there’s increasing doubt about the greenback’s sustained global primacy. Treasury Secretary Janet Yellen remains confident, but these moves suggest potential challenges for the dollar.