New Delhi, Jan. 7 -- Recent months and years have witnessed several discussions pertaining to the future of the US dollar, the controversy over de-dollarisation and the prospects of a BRICS common currency. India has taken over the presidency of BRICS+ on January 1, 2026 and while categorically distancing itself from the idea of a BRICS common currency -- on more than one occasion -- India has also sought to reduce its dependency upon the US dollar in recent years as a result of the massive economic and geopolitical changes taking place globally.

India first began to explore trade in local currencies -- like several other countries -- due to the imposition of US sanctions on Russia in the aftermath of the Russia-Ukraine war. It was not j...