The global energy scenario has changed in every way – be it in demand, supply or energy type – in the last two decades. The only unchanged component has been the currency of energy trade: the U.S. Dollar. Lately, though, the Chinese Yuan has emerged as a challenger. Can the Indian Rupee be a third contender? India, the world’s second-largest importer of energy, has all the attributes to become the centre of a vibrant new oil market, which will ensure its energy security and raise the Rupee’s international profile. This paper explains the rationale for the Rupee as the third currency in which energy is traded