India says no to ditching US dollar for rupee trade
India's government has shut down rumors about ditching the US dollar, even as BRICS countries chat about a new shared trade currency.
The Ministry of External Affairs made it clear: while BRICS is exploring local currency payments, India isn't dropping the dollar anytime soon.
This follows Brazil's president suggesting a BRICS currency after recent US tariffs on these nations.
India faces nearly 50% US tariffs
India's sticking with the dollar comes as it faces nearly 50% US tariffs—punishment for buying Russian oil during the Ukraine war.
With big economic ties and tech needs linked to the US, India is playing it safe: open to more rupee-based trade but not ready to fully break away from the global dollar system.
All eyes are on how India balances pressure from both sides ahead of a key diplomatic visit in early 2026.