India officially dismisses BRICS currency, praises the US dollar

|Published 4:05 PM ET, Monday March 10, 2025|

​India has officially dismissed the idea of establishing a common BRICS currency, reaffirming its support for the U.S. dollar as a pillar of international economic stability.

External Affairs Minister S. Jaishankar emphasized that India has no policy aimed at replacing the U.S. dollar, stating, “The dollar as the reserve currency is the source of international economic stability.”​

This stance aligns with India’s broader economic strategy to maintain stability and avoid actions that could disrupt global financial systems. While other BRICS nations, such as Russia and China, have shown interest in reducing dependence on the U.S. dollar, India remains cautious about such moves. Analysts note that India is not pursuing the creation of a shared BRICS currency, focusing instead on promoting trade in its local currency where feasible. ​

Furthermore, India’s position is influenced by recent geopolitical developments. U.S. President-elect Donald Trump has demanded that BRICS nations commit to not creating or supporting a currency to replace the U.S. dollar, threatening 100% tariffs on non-compliant countries. In response, Minister Jaishankar stated that BRICS countries have no interest in weakening the U.S. dollar. ​

India’s approach reflects a forward-thinking perspective, balancing its national interests with the complexities of global economic dynamics.

By supporting the U.S. dollar’s role in international markets, India aims to contribute to global economic stability while cautiously exploring avenues to enhance its own currency’s role in bilateral trade.

​