India Rejects Full De-Dollarization While Expanding Rupee Trade Networks

India has taken a definitive stance against complete de-dollarization, even as BRICS nations explore alternative currencies. New Delhi's strategy focuses on selective reduction of dollar dependency through bilateral agreements, maintaining global financial access while promoting rupee settlements with partners like the Maldives and UAE.

External Affairs Minister S. Jaishankar emphasized India's preference for currency diversification over wholesale abandonment of the dollar. This approach comes amid Brazilian President Lula's push for a BRICS trade currency following US tariff tensions.

The Reserve Bank of India has established direct settlement mechanisms to facilitate rupee trade, signaling a pragmatic shift in currency policy that balances national interests with global financial integration.