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Saudi Arabia has traded its oil exclusively using the US dollar since 1974. That was the year Riyadh signed a deal with the United States to use only the dollar for oil trade in exchange for solid security guarantees. This marks the birth of the petrodollar. This further strengthened the dollar’s status as a reserve currency. Today, the dollar’s tight grip on global trade, and its status as the world’s reserve currency is being viewed with increasing suspicion by a host of countries.
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