Overview

Click to expand overview
India is sending mixed signals of backing out from the creation of the new BRICS currency and favoring the Rupee. The Indian Rupee is holding strong against the U.S. dollar in the foreign exchange markets indicating that the currency is relatively stable. In an attempt to reduce reliance on the US dollar and to internationalise the Indian rupee, the Reserve Bank of India (RBI) allowed invoicing and payments for international In an attempt to reduce reliance on the US dollar and to internationalise the Indian rupee, the Reserve Bank of India (RBI) allowed invoicing and payments for international The Minister of External Affairs, Subrahmanyam Jaishankar, clarified the country’s position during a visit to the United Kingdom: “India does not intend to replace the Many people wonder if BRICS countries led by India want to reduce the US dollar's role as the main currency for worldwide trade deals. The global trade structure could A report by Voice of America suggests that India is not pursuing the creation of a shared BRICS currency, however, it is making efforts to promote trade in its local currency. India is sending mixed signals of backing out from the creation of the new BRICS currency and favoring the Rupee. The Indian Rupee is holding strong against the U.S. dollar in the foreign External Affairs Minister Dr S Jaishankar, speaking in London, clarified that India has no policy to replace the US dollar as the global reserve currency. He emphasised

India Puts Rupee First, Not BRICS Currency: Favors US Dollar (For Now?)

Is India backing away from the BRICS currency dream? Recent developments suggest a shift in focus, with India putting the Rupee first rather than fully embracing a new BRICS currency. While many wonder if BRICS countries, led by India, want to reduce the US dollar\'s role in global trade, the reality appears more nuanced.

India\'s Mixed Signals: Rupee vs. BRICS Currency

India is sending mixed signals of backing out from the creation of the new BRICS currency and favoring the Rupee. Several indicators point to this preference. A report by Voice of America suggests that India is not pursuing a shared BRICS currency, instead making efforts to promote trade in its local currency.

Indian Rupee\'s Strength Against the US Dollar

The Indian Rupee is holding strong against the U.S. dollar in the foreign exchange markets, indicating that the currency is relatively stable. This stability likely contributes to India\'s confidence in promoting the Rupee on the international stage. The Indian Rupee is holding strong against the U.S. dollar in the foreign

RBI\'s Push for Rupee Internationalization

In an attempt to reduce reliance on the US dollar and to internationalise the Indian rupee, the Reserve Bank of India (RBI) allowed invoicing and payments for international trade in Rupees. In an attempt to reduce reliance on the US dollar and to internationalise the Indian rupee, the Reserve Bank of India (RBI) allowed invoicing and payments for international transactions to be conducted in the local currency. This is a significant step towards reducing dependence on the US dollar and shaping the global trade structure.

Jaishankar Clarifies India\'s Position

The Minister of External Affairs, Subrahmanyam Jaishankar, clarified the country’s position during a visit to the United Kingdom: “India does not intend to replace the US dollar as the global reserve currency." External Affairs Minister Dr S Jaishankar, speaking in London, clarified that India has no policy to replace the US dollar as the global reserve currency. He emphasised that India\'s focus is on strengthening its own currency and promoting trade in Rupees.

India\'s Stance on the US Dollar

Despite efforts to internationalize the Rupee, India\'s stance on the US dollar remains pragmatic. While diversifying away from complete dollar dependence is a clear objective, outright replacement isn\'t on the agenda. The current strategy involves promoting Rupee trade alongside existing dollar-based transactions.

Conclusion: Rupee First, BRICS Currency a Distant Second?

For now, India puts the Rupee first. While the BRICS currency idea remains a topic of discussion, India\'s actions suggest a more immediate priority: establishing the Indian Rupee as a viable alternative in international trade. This approach might be more strategic in the short term, offering greater control and benefiting from the Rupee\'s current stability.

Top Sources

Related Articles