BRICS member India had convinced 22 countries to accept the Rupee for international trade and ditch the US dollar. The majority of the countries hail from Asia, Africa, Latin America, and the global south. India also opened special Vostro bank accounts to make it easier to settle payments in their local currency, the Rupee. All the 22 countries had signed the agreement to trade a part of goods in the Rupee and sideline the US dollar.
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However, things are not going as planned for India as the majority of countries are now unwilling to keep the Rupee as reserves. India finds no takers for the Rupee as the currency is declining against the US dollar. Hoarding the Rupee in reserves serves no purpose, as the demand for the currency lacks strength in the global market.
The default payment is now either the US dollar, Euro,…
