Currency conundrum: On the BRICS New Delhi Declaration

The BRICS New Delhi Declaration indicates limited progress in local currency trade among member nations, with India's rupee trade primarily confined to the UAE and Russia, and even those volumes being small. India faces a strategic dilemma: preferring dollar payments for exports due to a depreciating rupee, but wanting to pay for imports in cheaper local currencies. The article highlights India's reluctance to conduct significant trade in the Chinese yuan due to China's dominance and its strong opposition to a common BRICS currency for similar reasons, as well as potential US tariff threats. Countries like Russia and Iran have stronger motivations for de-dollarization than India currently does, a sentiment reflected in the Declaration's cautious approach.