• Indian Oil and Gas Minister Hardeep Singh Puri doesn’t see de-dollarization as taking root yet.
• “I wish the Indian rupee should be the lead currency in the world. But I’m also a realist,” he said.
• That’s despite India’s recent purchases of oil using the rupee and China’s yuan.

The greenback’s dominance is under no real threat from emerging market currencies, India’s oil and gas minister told CNBC, despite recent efforts to de-dollarize global trade.

The dollar is the dominant form of payment for commodities like oil. But in June, Indian refiners used China’s yuan to buy Russian crude. And earlier this month, an Indian refiner used rupees to buy oil from the UAE.

Source: Business Insider