Kuala Lampur, Aug. 15 -- When reports emerged that India had "sent a circular to BRICS granting full rupee access" for trade settlement, the immediate interpretation was that the world's most populous democracy had finally decided to stomp its feet on the monetary turf long dominated by the United States.

After all, in the lexicon of geopolitics, the "elephant" is India and the "bald eagle" is America. The symbolism was irresistible.

But reality, as is often the case in the intricate dance of international finance, is more layered than headlines suggest.

On August 14, 2025, India's Ministry of External Affairs and the Reserve Bank of India (RBI) moved quickly to clarify that de-dollarisation is not on the country's financial agenda.

I...