India wanted to ditch the US dollar and buy oil in rupees. No seller wanted to get involved.

A trader counts new 2,000-rupee notes at a wholesale vegetable market in Bangalore, India AP Photo/Aijaz Rahi India’s efforts to achieve increased international acceptance for its currency are floundering. No oil trades were settled in rupees during the financial year 2022-2023, the Press Trust of India reported. Countries from China to Russia and India have been seeking to rely less on the dollar in global transactions. India’s campaign to achieve wider international acceptance for its currency isn’t going so well. The country’s push to pay for crude-oil imports with rupees have hit a wall, with its trade partners remaining reluctant…