India’s BRICS Power Play: 30 Nations Now Trading in Rupees – Dollar Dominance Shaken?

India just flipped the script on global trade—30 countries are now onboard with rupee transactions under its bold BRICS strategy. No more begging for USD liquidity.

The rupee goes rogue

Mumbai's bureaucrats finally did something interesting—they weaponized currency diplomacy. Suddenly, trade partners from Russia to Rwanda are settling deals in ₹ instead of $, slicing through dollar hegemony like a hot knife through ghee.

Wall Street won't like this

New Delhi's move exposes the open secret: everyone's sick of SWIFT fees and Treasury whims. The BRICS bloc now has a live-fire test for de-dollarization—and Goldman Sachs analysts are scrambling to update their 'emerging markets' PowerPoint decks.

One problem: good luck finding anyone who actually wants to hold rupees long-term. (There's always a catch with these monetary revolutions—usually involving convertibility crises or inflation hitting double digits before tea time.)

BRICS Strategy: 30 Countries Allowed to Settle Payment With India in the Rupee

BRICS member India is aiming to internationalize the rupee with the new Vostro bank accounts, making it easier for other countries to settle payments. Vostro accounts enable domestic Indian banks to facilitate payments from various countries and overseas businesses in rupees. Countries that initiate cross-border transactions with India can open Vostro accounts and remit the rupee directly. This saves overseas clients from foreign exchange charges that eat up a chunk of their remittance.

Among the 30 countries, 22 nations have already settled trade using the rupee through Vostro bank accounts. The countries include Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom. BRICS members and partner countries, Russia, Belarus, Malaysia, and Uganda, among others, have used the rupee for settlements with India.

While the US imposes tariffs on BRICS, India is a step ahead in making the rupee tradable for transactions. How the two countries will MOVE forward from here will dictate the upcoming policies of the economic giants. Trump is in no mood to allow other nations to take undue advantage of the US when it comes to trade.