India officially confirmed that they do not support the formation of a BRICS currency to challenge the US dollar. The Modi government made it clear that India embraces the US dollar and will use the currency for cross-border transactions. The country will settle payments in local currencies with other developing nations only when it seems fit. The U-turn comes after Trump spared India from tariffs but imposed them on Canada, Mexico, and China.

BRICS member China might not take India’s stance lightly as the Communist country wants to launch the new currency. It is working closely with Russia and Iran for the formation of the currency to uproot the US dollar’s global dominance.

Source: WATCHERGURU