The Reserve Bank of India has requested the nation's principal state-owned refiners to accept rupees for crude, starting the process of de-dollarization with Gulf exporters.

It seems that India is now seeking a similar agreement with Gulf crude exporters, four months after its government rejected efforts from Russian oil corporations to pay for Russia's crude supplies in Chinese yuan.According to three executives at the processors, the Reserve Bank of India (RBI) has requested that the nation's principal state-owned refiners pressure Persian Gulf suppliers to take at least 10% of oil payments in rupees for the upcoming fiscal year.

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As has been the general trend over the last two years, the RBI is worried that the country's skyrocketing energy demand may weaken the rupee (India refiners must sell Rupees to buy dollars to settle the payments for their increasin...