On the other hand, BRICS countries are working on reducing dollar dominance in the global financial system by replacing it with a new global currency.
Amidst geo-political crisis, Russia has become India’s biggest supplier of crude, and most of the transactions are done in rupee. Commerce Secretary Sunil Barthwal said on Wednesday that Rupee-rouble trade has significantly increased. A total of 53 accounts have been opened for rupee-rouble trade.
“There is good progress in terms of opening up of vostro accounts. Trade inquiries are being made,” the secretary said. Vostro accounts enable domestic banks to provide international banking services to clients who have global banking needs.
Will this de-dollarisation and bilateral trades in local currency strengthen Indian rupees? A currency can be termed “international” if it is widely accepted worldwide as a medium of exchange.
The value of a country’s currency and its usage to settle global trade are among the key indicators for gauging its strength.
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