{"id":86307,"date":"2026-01-14T00:00:00","date_gmt":"2026-01-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/14\/why-indias-inr-push-keeps-losing-to-the-aed-in-the-oil-trade\/"},"modified":"2026-01-14T00:00:00","modified_gmt":"2026-01-14T00:00:00","slug":"why-indias-inr-push-keeps-losing-to-the-aed-in-the-oil-trade","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/14\/why-indias-inr-push-keeps-losing-to-the-aed-in-the-oil-trade\/","title":{"rendered":"Why India\u2019s INR push keeps losing to the AED in the oil trade"},"content":{"rendered":"

India\u2019s<\/strong> policy efforts to settle oil trade through INR payments <\/strong>have<\/strong> failed to generate much momentum due to a rising trade deficit and currency <\/strong>volatility. <\/strong>These efforts have resulted in pilots and policy tweaks, but market conditions do not favour INR settlements, Abhijit Mukhopadhyay, senior economist at Chintan Research Foundation, told EnterpriseAM. <\/p>\n

The context: <\/strong>The Special INR Vostro Account (SRVA) framework, launched in 2022 by the Reserve Bank of India (RBI) \u2014 initially to facilitate trade<\/a> with sanction-hit Russia \u2014 has struggled to gain traction, with most transactions still routed in UAE currency (AED). <\/p>\n

(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Deficit tells the full story:<\/strong> India has run a consistent trade deficit<\/a> with the UAE since FY 2020, currently at around USD 26-27 bn. \u201cIf settlement is done in INR, the UAE will accumulate a huge amount of INR every year. But what do they do with that stash? Practically, nothing much,\u201d Mukhopadhyay said.<\/p>\n

\u201cThe willingness to invest in Indian assets cannot be forced, of course,\u201d <\/strong>he adds. In theory, Emirati banks maintain SRVA accounts with authorized Indian dealers to settle INR-AED trade, allowing the surplus currency to be deployed into Indian assets. However, in praxis, the scale does not match. In FY24, the UAE\u2019s FDI inflows into India stood at USD 2.9 bn in, a fraction of the annual imports of oil and precious stones worth over USD 24 bn.<\/p>\n

India\u2019s Petroleum Ministry recently acknowledged that crude suppliers remain reluctant to accept INR payments<\/strong> because imports far outweigh exports, as per Mint<\/a>.<\/p>\n

\u201c<\/strong>Economic<\/strong> might will decide<\/strong> whether the INR becomes internationally accepted,\u201d <\/strong>Mukhopadhyay said, adding that without global trust, no amount of action by the RBI could make the INR a preferred settlement currency.<\/p>\n

The pilot was a PR success. <\/strong>The RBI and the Central Bank of the UAE signed<\/a> an MoU in 2023 to promote INR-AED trade. When Indian Oil Corporation (IOCL) paid<\/a> Abu Dhabi National Oil Company (Adnoc) for 1 mn barrels of crude in INR in August that year, it was hailed as a breakthrough. But the INR-settled volumes continue to remain negligible as India\u2019s total crude imports are mainly settled in USD, according to Mukhopadyay.<\/p>\n

A December 2023 <\/strong>parliamentary review<\/a><\/strong> confirmed that no state-owned oil imports were settled in INR during FY 2022-23 due to supplier pushback.<\/strong> Suppliers like Adnoc cited repatriation risks and high conversion costs. Consequently, buyers like Indian Oil Corporation found INR settlements commercially unviable, as suppliers passed on these transaction costs, inflating import bills.<\/p>\n

Local-currency trade is feasible only when counterparties trust the currency <\/strong>as a valued medium of exchange. \u201cInternational recognition is key,\u201d Mukhopadhyay notes, citing sustained GDP growth, export competitiveness, and currency stability as prerequisites. Depreciation risk also remains a deterrent, particularly for commodity exporters with thin margins.<\/p>\n

Despite the <\/strong>buzz<\/a><\/strong> around cross-border <\/strong>payment platforms<\/a><\/strong>, Mukhopadhyay says it is not a payment problem. <\/strong>\u201cIt is immaterial whether payments are made by traditional banks or fintech architectures,\u201d as how the money moves does not fix the underlying trade deficit or currency risk. <\/p>\n

Long story short, oil suppliers have zero incentive to ditch the AED or greenback<\/strong> until India\u2019s end-products become \u201cmust-haves\u201d for the global market, including the UAE, Mukhopadhyay said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite regulatory backing and high-profile pilots, India\u2019s local-currency oil trade ambitions remain constrained by structural trade imbalances and limited reinvestment avenues for surplus INR<\/p>\n","protected":false},"author":1,"featured_media":86308,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2723],"tags":[2402,2479,2622,2404,2722],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-big-story-today","tag-enterpriseam-india","tag-finance","tag-india-uae","tag-oil-and-gas","tag-the-big-story-today","wpautop","entry"],"acf":{"mongo_id":"a7d634ae-dae4-44ab-8e75-f3c88fce0658","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/639.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Why India is failing to adopt INR settlement for oil trade","related_issue":[86306],"teaser":"Despite regulatory backing and high-profile pilots, India\u2019s local-currency oil trade ambitions remain constrained by structural trade imbalances and limited reinvestment avenues for surplus INR"},"yoast_head":"\nWhy India\u2019s INR push keeps losing to the AED in the oil trade - 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