External Affairs Minister S Jaishankar reaffirmed India’s stance on the US Dollar, stating that the country has no intention of undermining its role in international trade. This comes as discussions intensify within the BRICS bloc, with nations like Russia, China, and Brazil exploring alternatives to reduce reliance on the US Dollar.
Speaking at the Chatham House in London on Wednesday, Jaishankar responded to questions about the future of the dollar, saying, “Regarding the role of the dollar, we are realistic. We have no issue with the dollar, and our relations with the US are at their best. We have no interest in undermining the dollar.”
India, a key member of the BRICS group, has consistently supported the use of the dollar in global trade, even as other BRICS nations advocate for a reserve currency shift.
Jaishankar emphasised that India does not seek to replace the dollar, acknowledging its role in ensuring international economic stability. “The dollar is the source of international economic stability, and right now, what we want in the world is more economic stability, not less,” he stated.
He also addressed the varying views within BRICS on this matter, saying, “I don’t think there’s a unified BRICS position on this. I think BRICS members have very diverse positions on this issue.”
While maintaining strong relations with the United States, Jaishankar highlighted India’s efforts to promote the internationalisation of the rupee. “We are actively globalising India. More Indians are traveling and living abroad, and India’s trade and investment sectors have expanded. As a result, the use of the rupee will also grow,” he said.
India has also established mechanisms for cashless payments and trade settlements with countries facing a shortage of hard currency, particularly the US Dollar, the EAM added.
US President Donald Trump has repeatedly warned the BRICS against attempts to replace the dollar and added that he would impose hefty tariffs.
Following Trump’s move to impose ‘reciprocal tariffs’ on Indian goods, Jaishankar said, “I think much of what we have seen and heard over the last few weeks was to be expected.”
Reflecting on India-US relations, Jaishankar said, “Is it good for India? In many ways. I would say yes. We have never had any issues with American presidents, at least in recent times. There’s no baggage or burden that the relationship carries.”
