Demand For US Dollar Rises, Oil Companies Say No To Local Currencies
Oil refiners around the world are now demanding the US dollar for payment settlements and not local currencies. The development helped push the DXY index to the 100.20 level in August for the first time in three months. The last time the DXY index fell below the 100 mark was in May 2025. It took more than three months for the currency to reach the triple-digit range in the indices. Also Read: De-Dollarization Rose Under Biden, It’s Dying Under Trump Source: TradingView The surge came after oil suppliers were persistent in demanding the US dollar from importers for settlements. The Indian rupee was the hardest hit as it dipped 2.7% in a month. The USD/INR trading pair shows the greenback dominating the charts since July. The rupee has fallen to a low of 87.70, displaying broader weakness in the indices. However, the rupee is up nearly 2.40% year-to-date. Source: Google Dollar Demand From Oil Companies Rises, Local Currencies Fall Source: OilPrice The strong US dollar inflows to oil refi...